Bitcoin Price Rebound Fails to Halt Ongoing Decline

Bitcoin's recent price recovery is short-lived as it remains under pressure, according to Gregor Horvat of Wavetraders. The cryptocurrency has been experiencing a strong decline since the beginning of the year, with prices breaking through the corrective channel support near $71k in February.

This confirmed that the recovery from the lows was a counter trend movement and consisted of three waves. As a result, the price retested its lows before the current rebound appeared, which now seems to be a wave four rally as part of an ongoing impulsive decline. The broken channel support indicates that this weakness can send prices even lower into wave five, closer to $55k or even $50k.

The key support remains around the $50k-$48k area. Horvat suggests that despite the current rebound, the higher degree downtrend may not be finished yet. This means that investors should remain cautious and keep a close eye on the market's developments.