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Bitcoin’s latest bounce has already run out of steam.
After failing to reclaim a critical resistance level, BTC is flashing multiple bearish signals that suggest the recent recovery may have been only temporary.
With momentum rolling over and downside targets coming into focus, traders are now asking a familiar question: Why is Bitcoin going down again?
Bitcoin Price Analysis
Bitcoin’s weekly time frame price action shows a decline of over 31% since the  all-time high of $126,269.
The decline caused a crash below the $91,500 horizontal area, which had been in place for a year.
Over the last three weeks, the price of Bitcoin made three unsuccessful attempts to reclaim this area (red icon).

This week, Bitcoin’s price is creating another bearish candlestick.
The inability to reclaim this area confirms that bears are in control, and this week could bring another Bitcoin price crash.
Will Bitcoin Keep Going Down?
Momentum indicators confirm that the breakdown is the most likely future movement.
The Relative Strength Index (RSI) generated a bearish divergence.The Moving Average Convergence/Divergence (MACD) did the same.Both indicators are in negative territory.
Combined with the price action, the RSI and MACD readings confirm that the next move is likely to be downward.

This week, the most likely future Bitcoin prediction is a 10% crash to the $77,000 horizontal support area, possibly deviating below it.
The April low is at $74,480, so the Bitcoin price could deviate below it before eventually bouncing.
While another crash is the most likely future movement, the main question is what will happen afterward.
Bitcoin Price Prediction
The wave count suggests that the Bitcoin decline is in its final leg.
The BTC price initiated a five-wave downward movement (red) following the all-time high.
If the count is accurate, the ongoing bounce was the completed wave four.
Hence, wave five is likely underway.

The most likely target for its conclusion is between $70,100 and $72,000.
The target is created by:
1.61 external Fibonacci retracement (black).Giving wave five 1.61 times the length of wave one (red).
Once the Bitcoin price reaches that level, a massive bounce could occur.
Reasons For the BTC Price Decrease
One contributing factor to the decline could be Wintermute’s dumping of $1.5 billion in Bitcoin.
According to Marusha, Wintermute is doing this to cover its previous losses.
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#Miners who successfully produce a new block with a valid nonce receive a fixed reward in bitcoin. Additionally, a special transaction known as a coinbase is included in the block in order to claim rewards, in which the miner is the payee. All of the bitcoins that are now in use have been produced through this type of transaction.
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As more people start mining, the network dynamically raises the difficulty of finding valid blocks to ensure the average time to find a block is maintained at 10 minutes. As a result, mining is a highly competitive business in which miners compete with each other to find the valid nonce and add new transactions to a blockchain since no single miner has authority over what is included in the blockchain.

On top, mining bitcoin gets even tougher over time due to the fact that the reward in bitcoin is halved every 210,000 blocks until ₿21 million are given, which is estimated to occur in the year 2140. 
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Thereafter, miners will only profit from transaction fees. These fees are determined by the size of the transaction and the quantity of data stored, which is calculated in #SatoshisPerByte .
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