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Bitcoin is trading at 56,948.00 at the time of writing, above 51,300.00 yesterday's low. The crypto registered an aggressive drop after reaching the 64,899 new all-time high.
A temporary decline was expected after the last upside movement. Unfortunately, the sharp drop signaled that BTC/USD could develop a larger correction. The pressure is high as the price has escaped from a potential Rising Wedge pattern.
A potential broader decline will force the altcoins to drop as well. BTC/USD has rebounded after the aggressive decline, but this could be only a temporary one.
I've told you in my previous analyses that BTC/USD is moving higher within a potential Rising Wedge pattern. It was somehow expected to approach and reach the upside line, but its failure to stabilize above 61,788.45 former historical high has attracted the sellers.
Now the price is located right below the uptrend line, Rising Wedge's support, and under the weekly pivot (57,508). Bitcoin has turned back to retest the broken downside levels.
Stabilizing below the red uptrend line and under the weekly pivot (57.508) could confirm a corrective phase. It has registered only a false breakdown through the median line (ml) of the descending pitchfork and below 53,221 static support.
Personally, I believe that a larger downside movement, corrective phase, could be indicated by a drop and stabilization below the median line (ml) and after the rate makes a new lower low, bearish closure below 51,300.
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