Bitcoin (BTC) price action remains unchanged as it trades below the 2021 ATH for the fourth consecutive week.
Bitcoin price consolidates below the 2021 all-time high of $69,138. The risk of a correction to sub-$60,000 remains high as sell signals mount. A flip of the $75,000 level into a support floor would invalidate the bearish outlook for BTC. Bitcoin price action remains unchanged as it trades below the 2021 ATH for the fourth consecutive week.
This signal, from a theoretical perspective, forecasts a one-to-four down candlesticks. Therefore, a correction seems all but likely for Bitcoin price considering its current technical outlook. The ideal levels for accumulation include the imbalance, extending from $53,120 to $59,111. Although it is an unlikely scenario, unusally high selling pressure could trigger an extension of the correction in Bitcoin price to the $45,156 weekly support level.
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