Bitcoin’s price action has fallen into bearish territory after dropping below an important previous low that had supported the rally for months. At the time of writing, Bitcoin is trading at $78,560 after falling to as low as $77,082 in the past 24 hours, a move that crypto analyst XForceGlobal says represents a significant change in the technical structure.
According to his detailed Elliott Wave analysis shared on X, the price action has now invalidated the bullish framework many traders were relying on, and lower levels are becoming more likely in the coming weeks and months.
Breakdown Below Previous Low Changes Primary Wave Count
According to XForceGlobal, Bitcoin had been working through a complex sideways structure, specifically a WXY combination that was expected to resolve through distribution rather than outright breakdown.
Bulls managed to complete three of the five required components of this triangle-like structure, but the failure to defend the prior low
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