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The post <a href="https://coinpedia.org/news/bitcoin-price-prediction-pattern-reveals-continuation-of-bloodbath-as-btc-loses-major-support/">Bitcoin Price Prediction: Pattern Reveals Continuation Of Bloodbath As BTC Loses Major Support</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
<a href="https://www.youtube.com/watch?v=yskKw8lg4zI" target="_blank" rel="noreferrer noopener nofollow">Analyst Josh of Crypto World</a> took to his latest analysis and said that Bitcoin is currently facing rejection from a critical resistance area, prompting another test of a key support level. This pattern is also observed in Ethereum, which is rejecting an important Fibonacci level.&nbsp; 
Recent Price Movements: On the 4-day Bitcoin chart, the Super Trend indicator provides details into recent price movements. Despite <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">Bitcoin’s price</a> dipping below $56,000, the 4-day candle closed above this level. This closure has, for now, avoided a bearish reversal signal on this timeframe.&nbsp; 
The critical level to watch remains just under $56,000. If the next 4-day candle closes below this threshold, it would confirm a bearish reversal, flipping the indicator from green to red. Historically, such reversals have marked the beginning of prolonged bearish trends. 
<h2 class="wp-block-heading" id="h-daily-bitcoin-chart-and-bullish-divergence">Daily Bitcoin Chart and Bullish Divergence</h2> 
Current Price Action: On the daily <a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin</a> chart, after a short-term bounce, the price is now retesting support between $56,500 and $57,500. A confirmed bullish divergence on the daily timeframe suggests either sideways consolidation or slight bullish relief in the short term. 
Critical Support Levels: However, a confirmed daily candle close below $56,500 would invalidate this bullish divergence and signal further bearish action. It’s crucial for Bitcoin to maintain support above this level to avoid a prolonged downturn. Earlier today, the price dipped below $55,500. If the price once again loses $56k support levels, the analyst’s prediction of bearish trend might come true. 
Liquidation Heat Map: The analyst also noted that over the past day, Bitcoin cleared a lot of upside liquidity. He mentioned that there was liquidity starting just above $57,000 up to around $57,500, which was mostly wiped out. There’s still a major area of liquidity between $58,800 and $58,900, just below $59,000. He suggested that Bitcoin might reach close to $59,000 soon to clear out this remaining liquidity. 
Also Read : <a href="https://coinpedia.org/price-analysis/crypto-market-analysis-bitcoin-ethereum-and-altcoins-show-gains/" target="_blank" rel="noreferrer noopener">Crypto Market Analysis: Bitcoin, Ethereum, and Altcoins Show Gains!</a>

Bitcoin Price Prediction: Pattern Reveals Continuation Of Bloodbath As BTC Loses Major Support

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