Has the Bitcoin Top for 2023 Already Reached? Are We Entering A Long Way Down?

The market is failing to generate the required bullish pressure that could assist the Bitcoin price to rise above one of the significant resistance levels at $26,500. After the bearish close for the week, the star crypto continued to trade under their influence. Hence, it is speculated that the momentum may not change for a while. Moreover, the crypto markets display the possibility of maintaining a steep descending trend, and hence the sentiments are also expected to vary accordingly.

Bitcoin is now trading with extremely little volatility, which is nothing new with the BTC price. Rather, it indicates the token is preparing itself for the next impulsive move, primarily towards the north. The volatility has formed the first dip just before the end of 2022 and is currently closer to forming the next bottom curve. Hence, market participants are now expecting yet another ‘red September’ with a deeper pullback.

Source: Twitter

Considering the historical price deviation concerning the change in volatility, it can be concluded that a notable change in levels could be underway. With the rise in volatility, the BTC price has always experienced a significant upswing, which has further led the price to form a new ATH after a brief consolidation. Although the drop in volatility, lowers the price range, it may not occur soon after the rise in levels. Therefore, one can expect the Bitcoin price to rebound and maintain a significant upswing for a prolonged period. 

Therefore, the Bitcoin price, with market highs close to $32,000 this year, can be considered the high for the current ascending trend. Besides, the majority of the predictions continue to remain in the bearish camp. Hence, it is more viable that the BTC price may close the year’s trade under a consolidated note, aiming to trigger a fine recovery ahead.

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