CandleFocus Bitcoin Price Analysis: BTC Risks Facing Extended Retracement If it Loses This Level
2024-12-19
Author: Content Editor
Bitcoin reached a new all-time high of over $108K but experienced a rejection and is now exhibiting sideways movement. A recent Federal Reserve rate cut caused a pullback from the $108K level and a bearish divergence on the RSI indicator suggests a corrective retracement. Bitcoin is currently trading within an ascending wedge pattern, indicating a potential short-term bearish reversal. Long-term holders have shown selling pressure at the $108K level, which could contribute to further volatility and a potential price correction.
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