Bitcoin and the rest of crypto have been experiencing a strong uptrend since Black Thursday when markets nuked globally and no assets were safe from the carnage.
And while a flip into a downtrend isn’t yet confirmed, a break in market structure at the very least puts the uptrend on thin ice.
BTCUSD Break In Market Structure - Waiting For Lower Low | Source: TradingView
Bitcoin Market Structure Broken, But Downtrend Has Yet To Confirm Like Other Top Crypto
Bitcoin price is now trading in the low- to mid-$10,000 range, after falling from the 2020 high of $12,400 and once again being rejected at $11,200.
The two distinctly lower “tops,” have set the first lower high on daily timeframes, however, the cryptocurrency has yet to set a lower low. The initial break in market structure, one crypto analyst claims, could soon confirm a now, short-term downtrend across the board.
Related Reading | How Bitcoin’s 2020 High Compares To Past Bull Market “Tops”
Alongside Bitcoin showing such a pattern, the fourth-ranked crypto asset