Bitcoin price broke out of range to retest the $24,000 resistance level, but technical analysis suggests that the move could be a fakeout.
But BTC's potential to recover entirely from its ongoing bearish slumber appears low for at least three key reasons.Bitcoin established its record high of $69,000 in November 2022. Since then, the cryptocurrency has declined by more than 60% while undergoing several mini pumps on its way down.
At $27,000, the price would still form a lower high compared to the previous local tops. So, that technically raises the possibility of another bearish continuation move.Interestingly, the volume behavior during the ongoing Bitcoin correction shows a greater interest in selling the coin at local tops.
Bitcoin is once again tailing stock market trends despite briefly decoupling from them in early July.
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