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Bitcoin price is feared to undergo yet another retracement around $52K levels very soon
The USD influx has drastically reduced over the exchanges which may be one of the major reasons for the price plunge
Bitcoin Price Rally Broke the Pattern
The Bitcoin price rally is in a crucial phase, where-in a plunge to the lower levels might be quiet possible. Interestingly, the BTC price had tested the CME gap and manifested a strong inclination to smash the current ATH very soon.
However, the scenario appears to be slightly flipped as the price is on the verge of a breakdown. As the H &S pattern is not inverse, the fear of massive plunge haunts. In case the neckline is broken the levels close to $52000 may be fast approaching.
Price Surge May Take Some More Time!
Each time the BTC price experiences a plunge, the next leg up is followed in very soon. However, in the current scenario, the price may take more time to get a strong price boost. As the reasons put up by the CEO of Cryptoquant, the selling pressure is high on most exchanges.
Also, the market capitalization of Bitcoin which has surpassed $1 trillion is too big to get a notable push with the stablecoin market capitalization. Moreover, there are no significant USD spot inflows recorded and hence a more significant surge in the trading volume is required for the price to flip the bearish divergence.
Collectively, the bitcoin price rally appears to be halted and turn towards the downtrend. However, the BTC price rally spikes up suddenly within no time, as the market sentiments are very bullish and still look forward to smashing the target at $60K.