Bitcoin bulls are currently struggling to regain momentum.
Bitcoin is currently undergoing a period of record low volatility. However, the asset appears to be a “challenging multi-contact point trendline” that can be traced to its lowest point in 2023.
The prediction comes as BTC finally broke off from its narrow range and dived to a two-month low of $28.3k., Brandt speculated that if bitcoin moves south of the trendline that is located below $28,000, it would indicate the continuation of a bearish trend or a bear trap. As a swing trader I would respect the violation of the trendline. So, my positions would be either short or flat. Only if a bear trap is actually “sprung” would I consider it a bullish development. I strongly prefer horizontal chart construction.Bitcoin’s price action has been dull for the most part, especially after declining slowly since its July peak.analyst
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