Bitcoin Ignites New Decline, Could Soon Fall Below $16,000!
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The crypto market has become extremely volatile and uncertain ever since the collapse of the popular exchange FTX and caused a ripple. Meanwhile, Bitcoin and popular altcoins tried to start a recovery phase, but the bears realized the fact of their growing dominance despite small bounces.
Therefore, bearish clouds continue to hover above the price of Bitcoin (BTC), which could drag the price back below $16,000 net in a few hours!
This is why the price of Bitcoin (BTC) can continue its downtrend!
Bitcoin price struggled hard to clear the $17,000 resistance, forcing the price to form a double top pattern. As a result, the rejection came to the fore, with prices currently falling near $16,400, which may soon move below $16,000.
BTC price broke out of the ascending wedge, which is largely considered bearish, and headed towards the lower support near $16,300. Meanwhile, if a flip happens above these levels, the bulls could regain dominance and push the price above $16,500, which seems unlikely at the moment.
However, increasing bearish sentiment and pressure will likely drive prices lower, while bulls may not be able to hold the pivotal $16,000 and hit the $15,850 level.
Where does Bitcoin form its base?
Since then, Bitcoin price started to decline towards the 2022 peak and has continued the rejection pattern at certain levels. Like popular analyst, Mustache, BTC price has been consistently rejected by Mayer's multiple lines. Thus, after the recent rejection, it was proved that the price can continue to dive southwards, testing the lower support levels.
For this reason, the analyst believes that the price of Bitcoin (BTC) may continue its sharp decline and push the levels back to the current support areas. At the same time, bulls may also try hard to hold the price, but if extreme bearish pressure builds, buying volume may not compensate, which could drive the price lower over the next 12-16 hours.
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