- Bitcoin risks dropping to $35,000 on account of a bear flag pattern.
- The RSI's negative divergence adds weight to the bearish narrative.
- Bitcoin will abandon the breakdown if the flag pattern fails to confirm and transforms into a channel.
Bitcoin price has engaged reverse gears after the bulls' inability to sustain the price above $50,000. The flagship cryptocurrency was rejected at $52,500, an area highlighted by the 50 Simple Moving Average (SMA) on the 4-hour chart. Simultaneously, the support above $50,000 was overwhelmed, leading to ongoing losses under $47,000.
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