BTC is ranging b/w fib retracement zones - very typical in a big drop like this, but don't get caught in the FUD as eventually BTC will turn and make headway toward the fib extension zones in a pattern that I've drawn in orange.
PT1: $49k
PT2: $57K
PT1: $49k
PT2: $57K
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Also - a reminder - there was a similar period in the 2013 bull market where btc stayed below 20 week SMA for 7 week in a very stable but sideways action - we could experience something similar here if we don't V out of it.
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Think about it - if that was the market cycle top - you wouldn't have this many people calling for a bear market. Market Psychology 101
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Looks like a double bottom may be forming on lower timeframes, if that translates to higher timeframes, this is actually a bullish signal imo