Bitcoin Price Today is Down, But the Flagship Cryptocurrency Remains in a Bull Market

Bitcoin (BTC) price recorded the first bearish daily close on Tuesday after a 30% rally, with a dragonfly Doji candlestick signaling a potential short-term

Bitcoin price dropped on Tuesday after facing resistance at $89,142 following its recent 30% rally. A dragonfly Doji candlestick signaled a possible short-term cool-down of the recent macro bullish breakout.

However, technical signals like a potential double top and falling RSI suggested a bearish shift. Despite this, Bitcoin remained in a broader bull market with long-term growth potential.

After rallying to a new all-time high (ATH) of about $89,864 earlier this week, Bitcoin price has encountered a significant resistance level of around $89,142.

From a technical analysis standpoint, Bitcoin price has been forming a potential short-term reversal pattern in the four-hourly time frame.

Bitcoin’s midterm bearish sentiment is characterized by a potential double top coupled with a falling divergence of the four-hour Relative Strength Index (RSI). As a result, Bitcoin price is likely to retest the bullish breakout of the previous major resistance around $73.7k.

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