Bitcoin price action is approaching the bearish continuation risk zone, this if we take into account that the important level to watch is the one located at $60,000 and it is close to being lost, as it has been showing a lot of weakness in every recovery rally.
In a recent article socialized by William Suberg, "BTC price risks are piling up in a classic risk asset hurdle, but optimistic analysis sees room for a deeper correction that still preserves Bitcoin's bull market."
According to veteran analyst Peter Brandt, "A possible head and shoulders pattern on the daily time frames. A deeper drop towards USD 55,000 could still occur, he warned, but even this would keep the BTC/USD pair in line with its broader uptrend"
Nevertheless, "confidence in the bull market has not waned despite repeated failures to convert the former all-time highs at USD 69,000 in 2021 into definitive support"
What is certain is that the bearish scenario "occurred as risk assets prepared to face the US Federal Reserve's upcoming interest rate decision on March 20"
SOURCES CONSULTED
Cointelegraph. Bitcoin price feels FOMC friction as trader eyes trip to mid-$50K zone. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
