Bitcoin’s Wedge Formation Signals Potential Pullback

Bitcoin is currently trading around $84,400 after a recent dip below $77,000. While the price has recovered somewhat, technical analysis suggests a weakening trend. On the hourly chart, a potential rising wedge formation is visible, often associated with a short-term pullback before further price movement. Analysts are closely monitoring technical and on-chain signals for insights into this trend. Key indicators point towards a possible decline in the near future.