Irma๐ป According to analyst James Stanley, Bitcoin's price has formed a bearish channel post a recent drop, with a close call below $60,000 on Wednesday.
โ What's a bear flag? It's a pattern signaling a downtrend continuation, where Bitcoin remains within parallel trend lines as bears aim to drive the price lower. However, sudden trend changes can invalidate this pattern, and prolonged consolidation may exhaust sellers, allowing bulls to regain control.
๐ Popular trader Scott Melker notes a bullish divergence on Bitcoin's four-hour chart, suggesting potential buyer interest.
๐ The silver lining: Despite bearish signals, Stanley mentions "a tone of bull flags" from Bitcoin's rapid ascent and record-breaking ETF inflows, indicating the uptrend may persist. Last week, Bitcoin hit an all-time high of $73,737.94.
