Bitcoin shows a decline, dropping below $84,000, indicating seller dominance and market weakness.
Failed Breakout and Bearish Continuation Signal
From February to March 2023, Bitcoin made an upward attempt, but failed below $85,993 reflecting seller strength. This led to a continued decline sending it below $84,000. Forecasts suggest a drop towards liquidity zones around $80,000 and $78,000.
Dominating Influence of Sellers
The hourly candlestick structure shows phases of distribution, where long positions can't hold. Aggressive selling indicates a short-lived bearish sentiment after the weekend pump. Under buyers’ pressure to regain ground, Bitcoin still faces further losses.
Uncertain Future for Bitcoin
Close monitoring of Bitcoin is essential, as continued trading below $83,500 might lead to $80,000 or below. Reclaiming $85,000 could stabilize it to retake previous highs. However, sellers remain in control, casting doubt on Bitcoin’s future unless a decisive reversal occurs.
Bitcoin faces challenges as it drops below key support levels. With sellers in control, the outlook remains uncertain.
