The trendlines on BTCUSD Daily chart show that the price is being squeezed by the buyers and sellers.
A confirmed break from these lines of confluence can indicate a longer trend for Bitcoin.
Coupled with earlier analysis of head-and-shoulders pattern, one could assume that BTCUSD will succumb to bearish pressure and go lower.
There are other issues with Bitcoin, such as increasing transaction costs (currently completely unusable for any micropayments), network congestion, and disagreements as to further development, which seem to have a negative impact on the price.
On the other hand, Bitcoin future contracts will soon expire and overall, ‘the experiment’ has been semi-successful, but good enough to be accepted by Wall Street.
Note. This post is for educational and entertainment use only and it is not an invitation to trade. Trading involves high risk to your capital.