Bitcoin price continues to remain in the same region as the weekend failed to spark market volatility.
A new bearish case has emerged, sparking speculation that prices have already hit a high in 2023.
The cryptocurrency market is starting to see a new trend in a few months as weekend trading has less impact on most coins. Bitcoin price has experienced sharp rises or sharp falls over the weekends, but the price remains mostly stagnant at the moment. Since there is no possibility of a new bullish rally, the bears are expected to strengthen their control over the rebound soon.
A new bearish scenario has emerged for the Bitcoin price, and a sharp downward trend may soon drag the price lower. Despite multiple attempts, the price has not been able to recover above $31,000, so it can be speculated that a new bearish wave may emerge from now on. After the plunge, it may be difficult for the price to recover in a bullish trend and regain lost ground before the end of 2023.
Bitcoin price may be trading inside a bearish symmetrical channel and has been consolidating below a massive resistance for a few weeks now. Hence, it shows the potential to reverse soon and initiate a significant downtrend. The price, which is currently testing the overhead resistance, is expected to break below the lower support line, which could start a fresh bearish move. Moreover, until the price sustains above these levels, the market conditions are likely to remain bullish.
Therefore, Bitcoin price is expected to sustain above the lower trendline and eventually test the yearly high above $31,000. This could trigger a huge bearish interference and since the price has failed to break through this resistance level several times, the chances of rejection seem high. Therefore, if the price fails to hold these levels, a sharp decline could drag Bitcoin price below $25,000 and in an extremely bearish scenario, the price could even drop below $20,000.
