This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Bitcoin is currently in a volatile state, with both bulls and bears fighting for control over the price. While sentiment is mostly bullish, there is a possibility that the bears could take over. Analyst FieryTrading has identified a bearish indicator called the Wyckoff distribution pattern, suggesting that Bitcoin may be trading within this pattern. This is not a positive sign for the price. If the bearish setup plays out, there could be a retest around the SOW region in the future, and if support fails, the price could fall to $30,000. FieryTrading believes that $38,400 could be the local top for 2023. Despite their own bullishness, they acknowledge the alarming nature of the three higher highs that were all sold off. The Bitcoin price has already seen a slowdown after reaching above $38,000, with a decline in trading volume and market sentiment. However, the Crypto Fear & Greed Index still indicates greed, suggesting that investors are holding onto their holdings.