As the price of Bitcoin (BTC) was retracing from the massive rally four weeks ago, no clear indications were seen on the charts of a potential reversal. Thus, the price started to accelerate downwards to the next support areas, causing the price to drop $1,000 within one day.
However, is the bear market imminent, or is it still applicable to state that this is a bull market retracement? Let’s analyze the charts.