Let us go through the facts to understand why I am NOT convinced that the Bitcoin rally is over.
From the chart, we can see that the daily EMA 15 (purple) and EMA 40 (yellow) support levels have both played a crucial role in this year's Bitcoin rally. In the past 5 months, Bitcoin has dropped down to the yellow support multiple times prior to a bullish continuation. The fact that Bitcoin still trades above the yellow support proves that the bulls are practically still in control of the long-term bullish market.
As of writing, Bitcoin is holding on to the purple support level. If the bulls can defend this level for the next few days, we would likely see Bitcoin make new yearly highs. Otherwise, we would expect Bitcoin to test the yellow support again. If that happens, the yellow support would determine whether Bitcoin makes it or breaks it.
The bottom line is... until the daily candle closes below the yellow support, traders should not make a newbie mistake by claiming that the Bitcoin rally is over.
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As mentioned yesterday, a break below the purple support would likely see Bitcoin test the yellow support (EMA-40). Zooming in on the hourly chart, I have identified two key support levels where a bounce to the nearest key resistance of 12K may occur - if there is one. The lower key support (key support 2) is where the daily EMA-40 resides so the bears would likely try to pressure the market to test it.