Bitcoin (BTC) has reached critical resistance. What will happen next

Bitcoin reached a new yearly high of $44,700 last week, indicating a strong upward trend in recent months. However, there has been a significant drop in price this week, which may potentially negate the previous breakthrough. Traders and analysts on Platform X are generally optimistic about the short-term trend of BTC, with some suggesting that the price will continue to rise after absorbing the recent lows. According to Elliott wave analysis, Bitcoin is approaching the top of the third wave within a five-wave bullish structure, with an estimated target of $47,600. Nevertheless, bearish divergence on the RSI suggests that an upward movement may be approaching its top, and a close below the breakout level at $38,000 could indicate the beginning of a fourth wave correction. In that case, BTC could potentially fall to the nearest support at $33,000. It’s important to stay updated on the latest developments in the cryptocurrency market and consult multiple sources for a well-rounded understanding of Bitcoin’s future movements.