Bitcoin is currently facing significant downward pressure. There’s a risk that it could break below the weekly support levels.
We should watch closely until tomorrow; if the weekly candlestick shows a downward break, it might be necessary to wait for a bounce before exiting the position.
It would be beneficial if Bitcoin could muster the strength to push higher once more, but it seems to be losing momentum.
Looking at the 12-hour chart, Bitcoin is hovering around the support line without showing signs of a rebound. Staying at this level could lead to further declines. There’s a crucial rule in trading: if it doesn’t rise during expected bullish moments, it will likely fall.
Despite the significant bearish pressure on Bitcoin, the market still shows a strong interest in long positions, and the market activity index has also risen considerably.
The high level of market activity seems to be deterring Bitcoin’s rise.
Ideally, a quiet and steady ascent would be best, but unfortunately, we are yet to see such a trend, which is quite disappointing.