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The Bitcoin price is currently forming a peculiar price structure on the weekly timeframe. This new price structure is looking very bearish for Bitcoin bulls and it could indicate more bearish movement in the coming week.
The key level to watch is the Ascending support channel Bitcoin just broke below in the weekly timeframe. The price has also just retested this previous key support level, successfully converting it into key resistance.
This structure breakdown screams sell! And in this Bitcoin analysis, we will be breaking down the key levels we will be keeping our eyes on, what this bearish outlook could mean for the Bitcoin price, and what we think might happen in the coming days.
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What Should We Expect Next From Bitcoin?
No one can tell the future but one thing is certain, if Bitcoin continues to trade below this key resistance level in the weekly timeframe, there is a very high probability that we might see the BTC price continue to trend lower into the new week.
A bearish trend like this could easily push the BTC price back to the $28k support region or even lower in the coming days.
This means there is a very high probability we might see renewed selling pressure to the downside once most traders resume back to the market on Monday.
Final Verdict: Should You Be Worried?
For the short term, Yes you should be worried.
Because Bitcoin is looking like it wants to make a -25% move lower to the $28k support region on the weekly timeframe.
However, this is not an indication of a longer-term bearish trend starting on Bitcoin. For that to happen, the Bitcoin price must first break below this $28k weekly support. Only then can Bitcoin be really doomed!
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