Bitcoin Price Holds But Decline Remains Preferable
The price of bitcoin is still in a range, more and more limited, and there is some resistance compared to traditional assets. Indeed, financial markets remain tight, and Jerome Powell’s latest speech during a monetary policy press conference on Wednesday only heightens downside risks.
Despite this, Bitcoin is holding above the $20,000 threshold and is even trying to get back to $21,000. This configuration, however, is negative for the main cryptocurrency and a bearish acceleration should occur very soon.
So, while Bitcoin may try to break above $21,000 again, especially on the weekend when traditional markets are closed, our forecast still suggests a sharp pullback down and a break of the yearly low to the next support zone.