Bitcoin's Resilience Amid Crypto Downturn; Geopolitics Looms Large

The cryptocurrency market has been experiencing a significant downturn, but Bitcoin (BTC) has shown relative resilience compared to other altcoins, with a slower decline in its price. Market participants are now wondering whether this trend will continue or if a rebound is on the horizon.

The global economic landscape and geopolitical scene remain uncertain, with ongoing trade tariffs and the conflict in Ukraine adding to the volatility. While traditional markets in the United States, such as the S&P 500 and the Nasdaq, have been performing well, the outcome of these geopolitical events could have a significant impact on both stock markets and Bitcoin.

The Bitcoin price has been steadily declining, with market makers potentially taking advantage of the uncertainty to drive the price lower and accumulate coins from sellers. The short-term time frame shows that the price has broken through the top of a descending wedge and is continuing to roll over. The next horizontal support levels are at $94,000 and $92,000, with the major ascending trendline from the 2021 bull market just below that.

Despite the recent decline, the weekly chart for Bitcoin shows a healthy period of sideways price action, which could lead to a higher top in the current bull market. Although some may argue that an M-top chart pattern is forming, the trend remains upward as long as the price stays within the current range and above the ascending trendline. The Stochastic RSI indicator suggests that renewed upward price momentum could force Bitcoin out of its current range and drive it to the next level within the next two to three weeks.