Bitcoin’s Price Movement Explained by the Wyckoff Distribution

Updated by BeInCrypto Team
In Brief
  • The Bitcoin price is possibly following a bearish Wyckoff distribution chart.
  • The price has just reached a long-term ascending support line.
  • If the price breaks down, it could decrease all the way to $7,000.
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The Bitcoin price has been gradually decreasing since May 14 and has reached an important support level at $8,400. A breakdown below it would confirm the bearish trend and make the movement until now a part of a bearish Wyckoff distribution. Wyckoff Distribution If the Wyckoff distribution possibility is correct, then the trading range for Bitcoin since the beginning of May is outlined
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