BTC – Bearish Pattern Forming

Yesterday Bitcoin repeated the same pattern as November 30th, briefly touching the $59,000 mark before pulling back. Back on January 09, 2021, Bitcoin started rising, making higher highs and lower lows just like now it’s doing. The RSI depicted that the uptrend was exhausting leading to a massive sell-off in BTC. If we look at the chart included, the pattern is pretty much the same starting from July 21, 2021, till today. The only difference between the two is that RSI is not as bearish this time. Bitcoin needs to keep the support of $50,000 otherwise situation might go South.