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BTC/USD is trading in the red at 16,736 at the time of writing. It has turned to the downside signaling that the swing higher ended and that the sellers could take the lead. Bitcoin dropped by 1.60% from Wednesday's high of 16,984 to 16,712 today's low.
Still, in the last 7 days, the cryptocurrency is up by 1.59%. As you already know, the bias remains bearish despite temporary rebounds. Technically, the price action signaled a potential sell-off, this could drag the altcoins down as well.
BTC/USD dropped below the uptrend line and now it seems determined to extend its sell-off. It has ignored the 16,760 static support as well signaling that the upwards movement ended.
Personally, I've drawn a minor downtrend line, so as long as it stays below it, the crypto could approach and reach new lows.
The current breakdown below the uptrend line and through 16,760 was seen as a short signal. The weekly pivot point represents the first downside target.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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