BTCUSDT: Correction + bearish setup. What to expect from Bitcoin

Hello friends, BTCUSDT continues to hold tight in the downward correction channel. The fundamentals show that the market is weak, at this point BTCUSDT has dropped by almost half, although the market is still in the control of the bears. So what are the reasons and factors that pushed BTCUSDT down so much?

About the impact factor: This recent decline is attributed to a record capital outflow of more than $640 million from Grayscale's Bitcoin Trust (GBTC). The withdrawal from GBTC, coupled with the cautious sentiment surrounding the Federal Open Market Committee (FOMC) meeting in the US, has significantly impacted Bitcoin's performance, causing it to weaken for the time being.

The setup on H4 shows us a strong resistance level in the market. There is a pattern forming on the chart that could break the $61,500 support level quickly. In this case, a false breakout may occur. According to statistics, the strongest fluctuations occur after a false breakout. A breakout and consolidation below $61,500 could cause a sharp decline to the liquidity zones indicated on the chart.

I expect the price to retest the 65,792 level with a bounce. If the price quickly returns to this support level, the likelihood of a breakout increases. Fundamentally and technically, the Bitcoin market is showing weakness so we can expect a negative scenario at the moment.

Trade active

Trade active

Trade active: