$BTC Price Vulnerable to $44,000 Drop if Support Fails ❗️

Bitcoin’s recent rally has hit a wall, raising concerns that the cryptocurrency could face a significant 25% drop in the coming weeks. 📉

Technically, Bitcoin faces significant risks. It has formed an extremely scary death cross pattern as the 50-day and 200-day simple moving averages have crossed each other.

In addition, the two lines of the MACD indicator have slipped below the neutral point.

At the same time, as shown above, Bitcoin has formed a series of lower lows and lower highs, indicating a bearish bias.

Therefore, a drop below this month’s low of $49,000 would be a sign that the bears have won and the falling wedge pattern has been invalidated.

Such a move could lead to a further decline to the 50% Fibonacci Retracement level at $44,900, which is 25% below the August 13 high.