Bitcoin is trading around $16,500. After the sharp sell off towards $15,555, Bitcoin price bounced towards $18,200 as a back test and then declined towards recent lows once again. The last couple of trading sessions Bitcoin bounced again towards $17,200 this time forming a lower high. The RSI has moved further upwards out of the oversold levels but price remains under pressure. This is not looking good for bulls. The lower high is a sign of weakness also. Recent price action suggests that eventually Bitcoin will break below $15,500 and move to new 2022 lows.
