The Bitcoin(BTC) price maintained stiff support at $28500 and got hammered down from a falling trendline showcasing descending triangle pattern. In the past three weeks, the coin price narrowing towards the pattern’s apex may soon give a breakout opportunity. However, a contrary behavior between the price action and indicator suggests a possible breakout on either side, and therefore, the interested traders must wait for a genuine breakout.
Key points:
The BTC price is getting squeezed inside a descending triangle pattern
The Rising RSI slope steadily approaches the neutral line.
The intraday trading volume in the Bitcoin is $18.3 Billion, indicating a 37.5% loss.
Source- Tradingview
During the early May sell-off, the Bitcoin(BTC) price lost some crucial support, such as $36000, $33000, and $30000. The coin price plunged to a low of $26350, registering a 44.57% loss considered the last swing high of $48086 on March 28th.
However, the BTC price settled support a bit higher than t
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