The Bitcoin (BTC) price initiated a breakout attempt on Jan. 29, but was promptly pushed down and is now trading well below resistance.
Bitcoin is likely still correcting and is expected to eventually drop towards $26,000. After two consecutive bearish weekly candlesticks, BTC managed to create a neutral Doji candlestick last week, which also had a slightly bullish close. Nevertheless, it left a long upper wick in its wake — a sign of selling pressure.
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