In a word

• Bitcoin’s cost made a negative week by week candle in January. It separated from even help yesterday.
• The week after week and day to day time period both give a negative perusing, expressing the BTC descending development will proceed.
• Notwithstanding the negative BTC cost expectation, recovering the $41,000 region can set off an increment to the reach high.

The Bitcoin (BTC) cost has fallen since January 11, finishing with a low of $39,430 yesterday.

BTC separated from a key flat help region. Does this mean the neighborhood top is ready?

Bitcoin Continues Falling

Since the beginning of 2023, the BTC price has increased within an ascending parallel channel, as shown by the weekly time frame technical analysis. The cost broke out from the direct in November and arrived at a high of $48,969 in January 2024. The high matched with the endorsement of the Bitcoin Trade Exchanged Asset (ETF).

Since then, the BTC price has dropped, resulting in a bearish shooting star candlestick. This week, it is moving inside the channel’s limits and moving toward its midline, which harmonizes with a Lie support level.

The reading of the weekly RSI is bearish. Market traders use the RSI as a momentum indicator to determine whether to accumulate or sell an asset and to identify overbought or oversold conditions.

Readings over 50 and a vertical pattern demonstrate that bulls actually enjoy a benefit, while readings under 50 propose the inverse. While the marker is still over 50, it fell under 70 (dark symbol), an indication of a debilitating pattern.

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What Do the Analysts Say?

Cryptocurrency traders and analysts on X have a bearish outlook on the future trend. Honey_xbt drew simple horizontal areas to note the rejection from $50,000 and predict a subsequent drop to $35,000.

Cold Blooded Shiller is bearish because of the price movement and indicator readings. He tweeted:

Renko shows this $BTC momentum shift very well too. Significant pressure on the downside (not seen in over 18 months but taken with a pinch of salt given the repainting) – but the AO is strengthening. Also the clear support compromise at $40,000.

Income Sharks suggests the BTC price will plunge below most main support levels until it reaches $32,000.

BTC Price Prediction: Has the Price Reached a Top?

The specialized examination of the day to day time span lines up with the negative one from the week by week diagram in light of the cost activity and RSI readings.

The outline shows that the BTC cost separated from the $41,000 flat help region, which had represented 48 days. After the breakdown, there was no critical bob, Bitcoin actually exchanges beneath the area.

The everyday RSI is likewise interpretative of a negative pattern. The pointer fell under 50 (red symbol) interestingly since the bull run began on October 16, 2023 (green symbol). This indicates that a bearish trend has begun after the previous bullish trend has ended.

If the decrease continues, BTC can fall 5% to the 0.5 Fib retracement support level at $36,900 or decrease by 12% to the 0.618 Fib level at $34,000.

Despite the bearish BTC price prediction, reclaiming the $41,000 horizontal area can lead to a 14% increase to the previous range high of $44,000.