Is 50k the next destination as a new signal reveals the ongoing unraveling of the Bitcoin bearish wave

Bitcoin (BTC) could be in for further correction, according to a crypto analyst. In a post on TradingView, analyst Alan Santana highlighted Bitcoin’s bearish trends, backed by volume indicators and price movements. Santana’s analysis focused on significant volume trends, noting that on March 5, Bitcoin experienced its highest daily volume in years, but closed in the red. This marked the beginning of a 111-day trend of decreasing volume, which was broken on June 24 with a volume breakout. On July 5, Bitcoin saw another high in daily trading volume, closing red once again. Santana pointed out that Bitcoin is currently trading within a descending channel, indicating a clear bearish trend. He highlighted support levels around $44,000 and resistance levels near $72,000. The expert suggested that if the bearish trend continues, Bitcoin may test lower support levels and potentially reach $50,000. At the time of writing, Bitcoin was trading at $57,190, with a bearish sentiment reflected in the daily and weekly timeframes. Over the past seven days, Bitcoin has experienced a downtrend influenced by key events, finding strong support at $56,000 and facing resistance at $60,000.