Bitcoin's Struggle to Break Bull Flag: What’s Next?
#Bitcoin #BitcoinAnalysis #BTC $BTC
Bitcoin couldn't break out of its bull flag last week. After a sharp drop on Friday and a flat weekend, the key question is: what's next?
Another Rejection - Further Decline Ahead?
Bitcoin has been unable to break free from its bull flag, marking the fourth rejection of the downsloping trend line. Some wonder if the March high of $73,800 was the peak.
Despite the uncertainty, Bitcoin is still in a bull market until proven otherwise. Bull flags typically break upward, suggesting potential for a positive trend reversal.
ETF Inflows vs. Hedge Fund Shorts
Spot Bitcoin ETFs saw $1.83 billion in inflows last week, while hedge funds are heavily shorting Bitcoin. This battle between bulls and bears is likely to result in a significant market move soon.
Short-Term Bounce Likely
Bitcoin is holding critical support at $69,000, with signs of a short-term bounce. A higher high on Friday and a potential higher low suggest a rebound from this level.
Big Move Coming Soon
The daily chart shows a positive trend overall, though the uptrend since May 1 might be at risk. Key support at $69,000 remains intact, with declining trading volume signaling a major move ahead.
Bitcoin could drop to $60,000 or break through the bull flag resistance to set a new all-time high. Investors should stay alert for the impending market shift.
