BTC Potential Bearish Breakout Looms as Resistance Holds Strong
Bitcoin has been in a consolidation phase for over two weeks and has formed a bullish flag pattern just below the daily resistance level. However, the price of BTC is struggling to break above this resistance, as indicated by significant selling pressure and long upper wicks in the highlighted zone. We have a strong belief that if Bitcoin fails to break out above this resistance level, it could lead to a sell-off and a potential retracement towards the bullish trend that was previously established. To confirm this bearish scenario, we need to observe a breakout below the support level formed by the bull flag and the ongoing consolidation.
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