The price of Bitcoin is trading in the red at 25,829 and it seems determined to extend its sell-off. The bias is bearish, so more declines are natural despite minor rebounds. After its massive sell-off, the crypto tried to rebound, but its failure to take out the immediate resistance announced strong selling pressure.
Bitcoin is down by 0.92% in the last 24 hours and by 11.83% in the last 7 days. The sell-off forced the altcoins to drop as well.
BTC/USD Distribution Pattern!As you can see on the H1 chart, BTC/USD extended its sell-off after escaping from the range pattern. Now, it has dropped below the median line (ML) of the descending pitchfork which represents a dynamic support.
It's trapped between the 26,289 and 25,601 levels. Escaping from this pattern could bring us new trading opportunities.
BTC/USD Outlook!Staying below the median line (ML) and making a new lower low, dropping and closing below 25,601 activates more declines and is seen as a bearish signal.