Bitcoin’s price has been exhibiting silent price action following an attempt to surpass its all-time high of $73.7K, resulting in a period of low-volatility sideways consolidation.

However, there are indications of a potential corrective phase in the mid-term as the price forms a double-top pattern. Technical Analysis

By Shayan The Daily Chart

A comprehensive analysis of the daily chart reveals that Bitcoin’s price encountered significant buying pressure in the crucial support region, defined by the 0.5 ($62K) and 0.618 ($59.5K) Fibonacci retracement levels.

This led to a renewed bullish surge towards the $72K resistance region. However, the price failed to breach this crucial resistance zone and faced rejection, subsequently entering a sideways consolidation stage with minimal volatility.

Presently, the price is shaping a double-top pattern, with the neckline positioned at the $62K threshold. If BTC fails to reclaim the $72K level and undergoes a retracement, the completion of the pattern may trigger an extended downward movement, with the $58K critical support region becoming Bitcoin’s next potential destination.The 4-Hour Chart

Examining the 4-hour chart, it’s evident that Bitcoin witnessed significant demand near the crucial $62K support region, resulting in a notable price surge. This buying pressure aimed to propel the price towards the $72K resistance level in anticipation of establishing a new all-time high before the halving event.

However, upon reaching the $72K threshold, the price encountered substantial selling pressure, halting its upward momentum.

Presently, Bitcoin has formed a sideways triangle pattern, attempting to breach its upper boundary. Should buyers regain control and manage to push the price to surpass the triangle’s upper boundary, an expansion of the bullish movement would be imminent. Conversely, if selling pressure intensifies, a retracement towards the triangle’s lower boundary would be the most probable outcome.On-chain Analysis