Bitcoin has been in a bearish consolidation since mid-June below the spike low in mid-May (25,400). Bitcoin bulls should take note since we have been in a minor ascending channel since June 18. The problem bulls may have since then is that risk appetite (SPX, stocks, etc.) has rallied substantially since mid-July (see orange overlay line chart). Unfortunately for Bitcoin, it has not followed.
As we head into two key data points in the next few trading days (nonfarm payrolls today and US CPI next Wednesday) if the stock market bear market takes hold again, the risk now is increasingly for Bitcoin to revisit the 52-week lows at 17,600.
