Bitcoin has recently broken below the horizontal demand zone of a descending triangle pattern, signaling a potential shift in market sentiment. It is currently in the process of retesting the lower boundary of the triangle.
The Ichimoku Cloud reinforces this bearish outlook, with its indicators showing increased downward momentum. If the retest of the triangle's boundary confirms this bearish bias, we could see a continuation of the decline, potentially leading to a significant drop in price.
Conversely, if Bitcoin fails to sustain below this level during the retest, it may enter a phase of consolidation within the descending triangle.
