Bitcoin’s price has been making lower highs and lows recently, following a decisive rejection from the significant $48K level.
Investors are now wondering whether the uptrend is over or a new all-time high is still on the cards.
Technical Analysis
By TradingRage
The Daily Chart
On the daily chart, the price has been formed and broken below an ascending channel below the $48K resistance level. This is a corrective (or bearish reversal) pattern, especially in case the price fails to climb back inside the channel.
Currently, The $40K support zone is preventing the market from dropping lower. Yet, with the Relative Strength Index showing values below 50%, the probability of further decline is still considerable.
It’s worth noting that, at the time of this writing, BTC’s price soared above $41K and is gaining momentum to challenge the $42K level.
Source: TradingView
The 4-Hour Chart
The 4-hour timeframe provides more clues on the potential short-term price action of Bitcoin. The crypt
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