Bitcoin is showing signs of movement, failing to break through $67,000 and instead turning downwards. If the weekly chart continues in this manner, it seems likely to bend downwards further. Currently at $64,000, but if it fails to breach $70,000, downward pressure may intensify. While there’s support around $60,000, if it declines again, the likelihood of it holding is not high.
In essence, it’s moving between $60,000 and $70,000, but the strength to break above $70,000 has weakened while downward pressure has increased. Movement was anticipated this week, and it has indeed occurred.
People are hopeful for an upward trend, but there’s a significant possibility of the opposite.
Though sentiment leans 65:35 towards an upward movement, the chart signals a precarious situation, suggesting a shift towards considering the downside.
The 6-hour and 12-hour charts also indicate a bending trajectory, akin to walking on thin ice.
The remaining variable is perhaps a significant positive development, but it’s uncertain what that might be. With no major catalysts in sight, it’s prudent to anticipate downward movement
