After a week marked by the enthusiasm surrounding the approval of the ETF, BTC experienced a rise, breaking the upper limit of the trading range (which was around 45,500 USD), reaching the top of almost 49,000. The price suffered strong rejection in this region , marked by rapid profit taking and an abrupt drop to the 41500 region.

This increase in volatility was expected, which is why the market has been showing on all recent occasions that BTC has experienced a rapid upward movement.

However, the recent abrupt drop marked a lower point on the daily chart in relation to the previous drop, something that signals a possible slowdown in the uptrend.

The short-term bullish trend has been invalidated. It was marked by the green line at its lower end.

Nonetheless:

BTC remains within the trading range, which means that the greatest probability, at the current moment, is that prices will continue to be traded within the limits of the lateral channel delineated by the yellow lines.

The general market trend is upward, however with the recent correction, upward in the medium term. The short term has become uncertain.

Moderation in positions and risk taking is advisable in the current circumstance.