Bitcoin has indeed declined as expected.
The worst type of chart is one that flows weakly downwards, and Bitcoin has exhibited this behavior, eventually crashing down to $60,000.
Currently, on the weekly candlestick chart, it is touching the weekly moving average and has reached the resistance level. Typically, a slight rebound occurs at this stage.
Having declined significantly, it’s crucial to observe the next point of movement. However, the current situation appears risky as there is no robust sign of rebounding. If it had reached precisely the resistance point, one would expect to see a strong upward thrust, but this is lacking.
Especially concerning is the graph for June, which will close on June 30th. If it ends with a decline, it will lack the strength to rebound in the following month. The shape of the graph itself becomes a massive wall exerting negative pressure on Bitcoin.
I predict a decline in Bitcoin’s price in the next 24 hours. While a slight rebound might occur, the immediate movement after 24 hours is expected to be downward.
Previously, I anticipated a decline due to the long-term downward trend of the chart, but this time, it seems difficult to analyze long-term movements.
It seems appropriate to predict a short-term decline. When the price falls and a bit of panic sets in, the inflow into the Bitcoin spot market decreases, and one can see a reduction in Bitcoin’s trading volume on the charts.
The amount of Bitcoin being transferred has also significantly decreased. As trading volume is expected to drop for a while, it’s necessary to carefully predict the derivative of the trading volume movement on the chart, as this is a critical point for understanding future directions.