Bitcoin Rejects From the Key Area: Sentiments May Go Bearish with a Fresh Descending Curve

The post Bitcoin Rejects From the Key Area: Sentiments May Go Bearish with a Fresh Descending Curve appeared first on Coinpedia Fintech News

With the prices of the majority of the tokens hovering within a minor range, the markets display more uncertainty over the impending trend. With a massive 51% drop in trading volume in the last 24 hours, the markets remain trapped within a narrow range. In the meantime, the Bitcoin price is trying hard to reach the crucial level of $43,000, but a notable pullback is awaiting on the other side.

A few days ago, Spot Bitcoin ETF went live, recording billions of trading volumes on the opening day. The bulls expected the impact would elevate the price to $50,000, but instead, the bears played out and dragged it below $41,000 for a while. With this, the sentiments have become neutral, waiting for the next confirmation of a breakout, which may determine the next course of action.

Now that the BTC price has failed to secure crucial levels while trading within a bullish range, will this trigger a fresh bearish lookout?

During the start of the year 2023, the BTC price faced the first-ever weekly death cross that dragged the price by over 18%. Therefore, the first-ever weekly golden cross was expected to have a similar impact to the ETF impact, which could have been icing on the cake. Unfortunately, the bulls gave up, which flipped the whole trade. This is not what the ETF bulls were expecting as the GBTC was unlocked and reportedly created fresh selling pressure on the market.

The weekly candle closes as a shooting star with a long wick up and painted in red, which signals the weakening of an upturn that may eventually end. Now that the bears seem to be back in control, a more negative movement may confirm the downward action; otherwise, the shooting star could be invalidated.

Therefore, the Bitcoin trade in the coming days of the week can be considered extremely crucial, as a further drop below $42,000 or $41,800 may certify a plunge below $40,000 soon.