Bitcoin is looking overall weak and done so over the last few weeks as it constantly seems to struggle with overcoming the resistance levels above.
It is currently forming a bearish continuation triangle. If Bitcoin breaks out to the downside, which has a 70% chance of happening, then the technical target for this formation alone stands at $50,500. This does, however, by no account mean that the price cannot continue down further. That C-wave that we discussed last week is still very much in play.
With that said, Bitcoin can still recover from this fairly scot-free as its pivotal tops and bottoms are still increasingly high.