Bitcoin (BTC) Price Shows Signs of Plunging Below the Crucial Range, Which Suggests the Bears Continue to Hold Significant Dominance over the Rally

The excessive consolidation was believed to trigger a rise to $70,000, but the technicals suggest more action could follow before reaching these levels

Bitcoin price has been consolidating within a range for over 5 months now and despite trying really hard to reach the upper crucial resistance at $70,000, the token has failed to do so. Moreover, the star crypto is also consolidating within a pattern that doesn’t flash any positive signs. On the other hand, the price is also testing the lower crucial support levels and another bearish push could drag these levels back into the bearish well.

However, the BTC price did showcase a massive recovery from the beginning of 2023, which was noted to be parabolic. But the price did trade within a descending parallel channel during H1 2024, which circulated bearish waves across the markets. Although the bulls are offering enough support to the price, the selling volume continues to exceed it, leaving the BTC price under a huge bearish influence.

As Bitcoin price failed to reach $70,000, a crucial resistance was encountered at these levels which led to a minor correction to $64,000. Several factors contributed to the downfall, which was well utilized by the whales. This led the price to fall below the lower crucial 200-day MA in the daily timeframe and has failed to recover, which circulated heat waves across the markets.

Bitcoin Price Death Cross & Other Alarming Events!

One of the most bearish events, the death cross, is about to materialize in a short while as the 50-day & 200-day MA are on the verge of a bearish crossover. Besides, the +Di & -Di are going parallel to each other, heading towards the bottom. This suggests that the bears have a huge upper hand in the rally and hence, a fresh descending trend is expected to kick off soon.

Moreover, the Bitcoin price has failed to rise above the average range of the parallel channel during the recovery, which raises suspicion over the next price action. Besides, the volume has been shifting in favor of bulls and bears at regular intervals, which has kept the upcoming price action under misty clouds. Therefore, the weekend trade could be pretty important, which may set up the path for the next price action.

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