Bitcoin price appears to have held the $19,000 resistance level very tightly and due to this, a significant upswing may be ignited very soon. However, in order to trigger another upswing, the bulls are required to remain a little silent at the moment. Therefore, a brief pullback could eventually drag the prices lower which may further attract strong hands to propel prices significantly high.
The BTC price has been trading within a steep bearish trend ever since the asset marked its high at $69,000. Since then the BTC price has been constantly forming consecutive lower highs & lows and presently, closer to plunge hard from yet another lower high. A notable drop to the lower support of the pattern may eventually ignite a rebound that may pierce through the descending consolidation.
The BTC price presently is trading within a massive falling wedge since the November top which is a classically bullish reversal pattern. This may further indicate either Bitcoin is on the verge of a massive breakout or that one can witness another drop down towards the lower support which could be likely the bottom of the cycle.
After trading close to the resistance of the pattern, one can expect a big move in the coming days, either a breakout from the wedge or a bearish continuation & a move toward the wedge support. Therefore, Bitcoin(BTC) price may witness another leg down to test the support and finally rebound to break out from the bullish pattern in the next 2 to 3 days.