The crypto space has turned greener in recent times as the Bitcoin price soared high beyond $28,000 for the second time in a week. However, the bulls appear to have been drained after pulling the prices notably high, and hence an inverse action could be possible. The BTC price has been consolidating below the key resistance level. This could be an indication of the impending correction which may kick off during the weekend.
Meanwhile, the BTC price may still be saved from a brutal sell-off until it remains strong beyond certain levels.
Bitcoin price is trading at $27,519 at the moment after failing to sustain above $28,000. The price has failed to sustain above these levels multiple times as the bears may have held these levels tight. Therefore, if the price makes an attempt to test these levels again, a significant pullback may kick in.
The current pattern formed displays the possibility of undergoing a bearish breakdown as the RSI has also turned bearish. Previously when RSI turned bearish, the BTC price dropped from a high of $25,000 to as low as $20,000. Therefore, yet another drop may lead the price to drop below $24,000, to around $23,469.
Moreover, star crypto is displaying a similar behavior at times when it makes highs above $25,000. The price constantly tested levels above $25,000 and finally underwent a massive drop. A similar pattern is formed presently and hence a significant price plunge may kick in if Bitcoin’s (BTC) price fails to uphold the $26,800 support levels over the weekend.