After holding these levels firmly for a long time, bitcoin price again declined below $21,000. The downward trend that started after the price hit its highs seems to be approaching its fate very soon. As BTC price is testing lower support, a breakout is likely to appear and a pattern similar to the 2018 breakout is forming. However, the asset can rebound further and recover lost levels in no time.
When BTC price broke the highs around $19,000 earlier, it went down hard to reach lows around $3000. There is no doubt that the price fluctuated heavily and recovered to some extent, still could not jump close to its highs. Now that the asset is exhibiting a similar price action, a downside break has been formed somewhere below $16,000.
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According to the analyst here, the price is following the same trend as it did after reaching its 2018 peak. Therefore, it is believed that the asset is in a similar decline and hit lows around $15,700 in the first few days of July. Besides, the price is expected to rally strongly and a V-shaped recovery could retest the levels above $20,000 in the next 8 to 10 days.
Bitcoin has completed a hidden bearish divergence as before and hence the upcoming bearish trend is anticipated. On the other hand, the RSI is also showing a similar movement which indicates an upcoming bearish trend. However, if the RSI consolidates as before, the price of BTC could very soon reverse its downside.
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