According to the price analysis of Jeremy Martinez, a senior technical analyst at dagx.live crypto trading platform, Bitcoin has been gradually losing ground, which is a negative sign. It can now drop to the trendline of the symmetrical triangle, which is an important support. A breakdown of the triangle and $9,080 will be a huge negative as it will trigger a number of stops and can result in a quick fall to the next support of $7,451.63. Such a fall will dent sentiment and is likely to delay the start of the next leg of the up-move.
Conversely, if the BTC/USD pair bounces off current levels or from the trendline support and breaks out of the triangle, it will attract traders who have been waiting on the sidelines for a trending move. With buyers jumping in, the pair is likely to quickly rally to the 52-week high of $13,973. Therefore, traders can initiate long positions as suggested in our earlier analysis.