JP Morgan maintains that Bitcoin (BTC) price is poised for a steep correction. Until interest from retail investors’ fully kicks in, it appears the pioneer cryptocurrency could remain at the mercy of speculators who contributed immensely to the recent downward price action.
While market participants remain “extremely greedy” about Bitcoin price action, several technical patterns point to a steeper correction in the near-term.
Indeed, BTC seems to be developing a cup-and-handle on its weekly chart.
This technical formation shows that the correction might not be over as the “handle” of the pattern has yet to form.
If Bitcoin bulls fail to break above the $20,000 resistance barrier, a pullback towards $14,000 may occur.
BTC/USD Weekly Chart
The Relative Strength Index (RSI) adds credence to the bearish outlook. This technical indicator suggests that Bitcoin sits in overbought territory as it hovers around 84 for the first time since Dec 2017.
If all of these sell signals play out, a drop to $14,000 could encourage sidelined investors to get back in the market.
A potential spike in buying pressure around this price level might propel the Bitcoin price above the $20,000 mark and see it rise as high as $30,000 before another correction.
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