Odaily News Matrixport released today's chart saying that Bitcoin has fallen below the rising extended wedge. Although this is not what we want, this pattern usually indicates downside risk unless the price can rebound quickly and return to the wedge.
Further declines are likely for Bitcoin, especially since this breakout occurred during a period of subdued trading with limited demand for bargain hunting.
Although we expect prices to rise in the second half of this year, this technical breakout has made market sentiment more cautious. In addition, not only Bitcoin has broken, but Ethereum has also fallen below the key support range of $2,600 to $2,800.