The price of bitcoin is being pressured downward by increased interest rates, global unrest, and withdrawals from bitcoin ETFs. BTC’s price, which is now trading at $63,518, has dropped 13.65% in nearly a month after reaching a new high of over $73,800. The price of BTC/USD as of April 17 is as low as $62,622, and it has dropped as low as $62,160 during the past month. A growing geopolitical instability in the Middle East has caused the price correction of BTC to intensify recently. A robust US economy has also led to more wagers on longer-term, higher interest rates in the US, which has reduced market risk appetite and further harmed Bitcoin.
Will the price of bitcoin plummet once more or see a strong upswing with the Bitcoin Halving in just two days?
The Triple-Top Hypothesis For Bitcoin Indicates A 14% Price Drop
In the last 30 days, BTC has failed to break above its record high three times, indicating traders’ hesitancy around record levels when profit-taking or greater selling pressure impedes further advance.
Due to this pricing behavior, a technical pattern that resembles a triple-top has formed. This pattern is defined by three peaks that occur at almost the same price level, separated by two little declines. Technically speaking, a triple-top pattern usually finishes when the price breaks below its support line and falls by a quantity equal to the height of the pattern’s peak above that support line.
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