A Repeating Bitcoin Price Drop Pattern Just Started Its Third Act
BeInCrypto
Bitcoin is currently undergoing a third consecutive price decline within a descending channel, supported by bearish technical indicators and on-chain data.Summary
Bitcoin is currently trading within a descending parallel channel on the 4-hour chart, a structure that has already produced two previous price drops of approximately 11% and 10%. A third decline is now underway, supported by a hidden bearish divergence in the Relative Strength Index (RSI). On-chain metrics, specifically the Short-Term Holder Net Unrealized Profit/Loss (STH-NUPL), indicate that market participants have not yet reached the capitulation levels seen earlier in the year, suggesting further downside potential. Key support levels are identified near $65,750 and $64,920, with a potential target of $62,232 if the current pattern continues.
(Source：BeInCrypto)