Bitcoin's Price Is Slowly Drifting Around Its 2017 Peak Level

After recovering slightly from the $18,7K mark over the last few days, Bitcoin’s price has been slowly drifting around its 2017 peak level. The cryptocurrency market hasn't demonstrated any strength or reversal patterns, however Techni[...

Bitcoin's price has been hovering around the 2017 high since its slight rebound from the $18.7K mark a few days ago. The cryptocurrency market, however, has shown no signs of strength or reversal patterns.

Technical Analysis is a way of forecasting future price

Shayan, who is widely considered the greatest trader of all time, said that the stock market will

The market's most recent trading activity

The following chart shows that the price has been forming lower lows and lower highs, which indicates strong bearish momentum. BTC hasn’t yet been able to form a new higher high in the daily timeframe. Therefore, a bullish rally cannot be anticipated until it develops a reversal pattern and records a new significant higher high above the $32K key level.

In contrast, a long ranging period or consolidation may eventually lead to another bearish move to the critical $16.6K level.

Source: TradingView
TradingView is a popular platform for tracking the

This chart, created by Boursa, shows

The Bitcoin price has been supported by the $18K level over the past few weeks. Additionally, the lower boundary of the triangle has also supported it, pushing to break through the channel’s middle trendline.

After breaking the triangle's upper trendline, Bitcoin could not test the mid-trendline of the channel. The price was also rejected after exceeding the mid-trendline of the channel and failing to test that boundary. A recent shakeout may be a pullback to that broken boundary. If Bitcoin forms this pullback, a surge followed by a triangle breakout is more likely.

Source: TradingView

If the triangle pattern and the $18K support level fail to hold, that would make a further drop more likely. In this case, the triangular pattern is a continuation of the bearish trend from earlier.

Analysis of the emotional tone of text

Edris said:

Bitcoin Taker Buy Sell Ratio (SMA 50)

Bitcoin’s price has been mainly determined by the Futures Market over the last 18 months, thanks to its growing share against the Spot Market. One of the critical indicators to evaluate market sentiment in this sector is Taker Buy Sell ratio that shows whether bulls or bears are more aggressive and in control.

The chart shows that if the PPO is below 1, it indicates that there’s more selling pressure and this may be coinciding with a bearish price trend. If the PPO is above 1, it’s likely to lead to bullish price action. It's clear from the chart that since the PPO has broken above one, it could be starting a short-term bullish trend.

Source: CryptoQuant
CryptoQuant, a leading cryptocurrency exchange, reported that

In the event that market conditions change and another rally begins, a bullish reversal or bull trap could be possible.