After facing a constant stream of buying pressure that led Bitcoin\u2019s price to climb as high as $9,550, BTC faced a large influx of overnight selling pressure that sent it reeling down to lows of $9,200 before it found some support.<\/p>\n
The sharp decline from $9,550 does make this 2020 high look like a local top for the cryptocurrency, and it is a strong possibility that the crypto sees some further short-term downside.<\/p>\n
In spite of this, one eerily accurate fractal pattern formed between May and June of 2019 that BTC has been closely following is suggesting that BTC may now enter a consolidation phase before moving up towards $12,000 in an explosive movement.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down over 1% at its current price<\/a> of $9,275, which marks a notable rejection from its daily highs of $9,550 that were set at the peak of yesterday\u2019s rally.<\/p>\n The overnight decline from these levels led the crypto to erase all the gains that came about in the later part of this week, when BTC raced from lows of $9,200 on Wednesday to its recent highs of $9,550.<\/p>\n Although this latest pullback hasn\u2019t been too deep when the magnitude of Bitcoin\u2019s recent gains is kept in perspective, it is important to note that it marked a break of the crypto\u2019s bull trend on its 4-hour chart.<\/p>\n Big Cheds, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, while pointing to a chart showing the key EMA levels that Bitcoin just broke below.<\/p>\n $BTC<\/a> #Bitcoin<\/a> 4 hour – Trend break https:\/\/t.co\/SfWIxU5RAF<\/a> pic.twitter.com\/0v6kYiVCUD<\/a><\/p>\n — Cheds (Trading Quotes) (@BigCheds) January 31, 2020<\/a><\/p><\/blockquote>\n\n