After holding within the price levels for certain days, the Bitcoin price appears to be preparing for a bearish close for the year. The price is plunging below the decisive pattern, which suggests it could probably reach interim support in the next few days. With this, the price could further drop below $40,000 in the next few days, which may hamper the progress of the rally ahead of Spot Bitcoin ETF approval.
Are the market participants not sure of the rally after the spot ETF approval with the possibility of a ‘sell the news’ event? If so, the BTC price may begin in 2024 on a bearish note.
The BTC price has been printing consecutive bearish candles for the past few days, indicating the selling pressure has been mounted to a large extent. Besides, the technicals and the other on-chain readings are going against the star crypto. With this, it appears that Bitcoin may already have made the yearly highs and could maintain a consolidated descending trend ahead.
The price was trading within a decisive symmetrical triangle and was testing the lower support. However, the fresh price action dragged the levels below the pattern that could validate a bearish trend in the coming days. Besides, the RSI is plunging and appears to be heading towards the lower support. With this, the BTC price has broken down from the lower support and eventually reached levels at $40,300.
This can be considered a pivotal level, and if the bulls fail to defend the levels, the BTC price may plunge to the lower support zone between $38,485 and $38,163. However, the upcoming Bitcoin Spot ETF is believed to majorly impact the impending rally. Analysts and industry veterans speculate the Bitcoin (BTC) price may kick off a fresh rally after the event. However, the recent trade set-up suggests it could be another ‘buy the rumour and sell the news’ event.
