# Bitcoin Price Analysis: Is $BTC Heading for a Roll-Over or a Rebound?
The Bitcoin ($BTC) price is experiencing a notable downturn, having recorded a series of lower highs after reaching a recent peak of nearly $100,000. Investors and traders alike are left to ponder: Is this the beginning of a roll-over back down, or merely a period of consolidation and accumulation that could precede another bullish run? In this article, we will delve into the current state of the Bitcoin market, evaluate technical indicators, and explore potential scenarios that may unfold in the coming weeks.
## Third Successive Downward Day for Bitcoin
As we step into December, Bitcoin has kicked off the month on a downward trend. The price has dipped approximately 2% early on Monday, marking its third consecutive day of losses since hitting a peak of $98,200. This peak failed to establish a higher high, leading to concerns about a potential roll-over since it coincided with the all-time high recorded on November 22.
The question now looms: Will institutional investments, including the much-anticipated U.S. Spot Bitcoin ETFs and companies like Microstrategy acquiring Bitcoin for their treasuries, prop up the price, or will the downward trend continue unabated?
## Bitcoin Price Traverses Inside Triangle
At present, Bitcoin’s short-term price action shows the formation of a triangle pattern, characterized by a series of lower highs countered by higher lows. The current trajectory has seen the price drop below the 0.382 Fibonacci retracement level, edging down toward the critical 0.50 Fibonacci mark. If the price sinks lower, key support levels lie at the 0.618 and 0.786 Fibonacci retracements, alongside the bottom trendline of the triangle.
Analyzing momentum indicators like the Stochastic RSI, there is potential for a bounce back as it nears the lower boundary. Specifically, once both the 8-hour and 12-hour Stochastic RSIs reach their respective lows, a reversal could be imminent. Should Bitcoin manage to rebound and break through the upper trendline of the triangle, it would signify a bullish breakout. Conversely, a decisive drop below the triangle’s bottom, particularly under $90,700, would indicate a lower low and could challenge the bullish trend.
## Bullish Hammer Candle Versus Bearish Stochastic RSI Cross Down
Examining the weekly time frame reveals that after three consecutive green candles, Bitcoin appears to be either rolling over or consolidating before potentially moving higher. A critical indicator favoring the bulls is last week’s hammer candle, often recognized as a bullish reversal signal typically found at the conclusion of a downward phase. If confirmed, this candle could suggest an impending shift in price momentum.
However, strength is waning on the bearish side, as indicated by a confirmed cross-down in the weekly Stochastic RSI. This metric usually indicates a loss of upward momentum, raising concerns about the price sustaining its bullish strength. Importantly, the 75.00 level on the Stochastic RSI may act as a support zone, providing a potential turnaround point for the indicators in the weeks to come.
## Conclusion: What Lies Ahead for Bitcoin?
As Bitcoin navigates through a critical juncture with mixed signals from technical analysis, the coming days could prove pivotal in determining its trajectory. Key levels to watch include the upper and lower trendlines of the current triangle formation, the psychological barrier at $90,700, and the response of the Stochastic RSI indicators.
Overall, traders should remain vigilant and prepared for either outcome—whether it be a bullish breakout that seeks new highs or a bearish continuation that tests lower support levels. With institutional interest still on the rise, Bitcoin’s price action remains a closely watched spectacle in the cryptocurrency marketplace.
**Disclaimer:** This article is intended for informational purposes only and does not constitute financial, investment, legal, or tax advice. Please conduct thorough research and consider consulting a financial advisor before making any investment decisions.
For more insights and updates on Bitcoin and the cryptocurrency market, visit [Crypto Daily](https://cryptodaily.co.uk/2024/12/bitcoin-btc-records-another-lower-high-are-lower-lows-coming).
