$BTC price vulnerable to $44k drop if support fails ❗️

Bitcoin's recent price rally has hit a roadblock, raising concerns that the cryptocurrency could face a significant 25% decline in the upcoming weeks. 📉

Technically, Bitcoin faces substantial risks. It has already formed the highly-feared death cross pattern as the 50-day and 200-day Simple Moving Averages have crossed each other.

Additionally, the two lines of the MACD indicator have slipped below the neutral point.

At the same time, as shown above, Bitcoin has formed a series of lower lows and lower highs, indicating a downtrend.

Therefore, a drop below this month’s low of $49,000 will be a sign that bears have prevailed and that the falling broadening wedge pattern has been invalidated.

Such a move could lead to a further decline to the 50% Fibonacci Retracement point at $44,900, which is 25% below the Aug. 13 level.

Keep your eyes on the chart and be careful 👀