Likely caused by a Binance Hack and/or massive Whale(s) dumping/coordinated event.
The price could break in either direction, so we have to wait and watch.
However, I'm leaning towards it breaking upward.
It has reached a crucial support at $9600. My next support level is $8900. BTC
Again, price could go either direction at this formation, but I learn towards upward movement. #Bitcoin $BTC
However, this current structure resembles a Bearish Flag, which could signal more downward movement. Let's observe if it will break below the yellow-line channel or not.
(Update, started breaking below while I was typing this)