Bitcoin (BTCUSD) tumbled -21.99% on its highest weekly volume since June 2022, affirming my bearish case of its price and volume contraction on weekly chart over the past five months. BTCUSD remains languishing at the $16,000 level as $3 billion escaped crypto exchanges last week amid a bank run on fears of an FTX contagion.
The latest BTCUSD daily action have morphed out a further Bearish Pennant pattern prompting the risk of a further accelerated sell off in near term remains.
The level of support to watch for BTCUSD this week is revised lower to $15,630, a breakdown of the year to date low.
Bull Case: Recapturing last week losses and reclaim above $20,000.
Bear Case: Breakdown of $15,630, a year to date low.