Bitcoin price maneuvering, confusing short-term traders

Bitcoin price shows a massive drop in volatility as it consolidates around the $30,000 psychological level. A potential distribution pattern is brewing and could trigger an 8.66% pullback.

Bitcoin price has been trading in a tight range for nearly two weeks now with no signs of resolution. But a closer look at the price action reveals a potential distribution pattern that could trigger a sharp correction soon.

As Bitcoin price trades between $30,500 and $30,822, investors need to be aware of two scenarios – a sudden sell-off from the current position or a sweep of the $31,500 high followed by a correction. In both situations, the target for bears includes $28,138, which is the midpoint of the 27% rally seen between June 15 and 23.

In some cases, the downswing could push Bitcoin price to tag the 62% retracement level at $27,331 or the 70% retracement level at $26,760. Investors can also expect BTC to drop anywhere between 8.66% to 15% in the coming days.