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The descending flag pattern for Bitcoin's price is approaching the convergence point of the two patterns.
Technical analyses indicate that Bitcoin's price may be on the verge of a significant bearish collapse in the near term. The weekly chart shows that the symmetrical triangle pattern is nearing completion. This triangle is part of the bearish flag pattern, which began forming in January of this year.
Bitcoin's SuperTrend indicator has remained in the red zone since October of last year. It has also fallen below the 50-week moving average and is currently at the 50% Fibonacci retracement level.