Bitcoin price keeps falling after flipping!
Bitcoin, which recently set the milestone of becoming a trillion dollar asset, later crashed after mountains surged above $ 58,000. The BTC price rally, which skyrocketed over the weekend, has sold out heavily since early trading hours, pulling the price below $ 56,500.
In the recent price move, Bitcoin price broke the bottom layer of the channel where it was trending for a few days. With the breakdown, BTC price is expected to continue to decline until an upswing recovers, as predicted by an analyst, IncomeSharks.
Interestingly, the hourly chart is also showing the triple bottom, indicating an uptrend ahead.
The triple bottom chart shows that the bear cartel is approaching the bulls very soon. These types of chart patterns typically follow a sustained downtrend, with the bears in full control of the market.
The first floor can be viewed as a simple decline in price while the second floor indicates that the bulls are gaining momentum in preparation for a reversal. Strong support levels are forming with the third floor indicating a possible surrender of the bears if price breaks through resistance levels.
Will BTC Smash $ 60,000?
The current resistance in Bitcoin price is trending between $ 57,500 and $ 58,000, and therefore a clear breakout is required to smash the upper levels, likely $ 60,000. On the contrary, the reverse price movement cannot be ruled out as a massive Bitcoin inflow into the exchanges has been recorded.
According to financial and crypto analyst CryptoWhale, over 28,000 Bitcoin have hit the exchanges valued at more than 1.6 billion US dollars. This is also the largest inflow since December 2017. The analyst also cautioned against being cautious as a massive inflow sometimes indicates a likely price drop.
Overall, the Bitcoin price rally is expected to accelerate with bullish momentum around the current price of $ 56,227. Hence, a possible reversal could cause the price to break the upper barriers and the BTC price to rise to $ 60,000.