For the second consecutive day, the cryptocurrency market is experiencing a consolidation phase characterised by low trading volume and diminished volatility. The price, after breaking down from a bullish pattern, has struggled to regain strength, indicating a shift in favour of bearish sentiment over bullish sentiment. Consequently, market participants are growing increasingly fearful and have reduced expectations of a potential upward trend reversal.

Anticipations suggest that global market conditions may deteriorate in the coming days as significant selling pressure looms over the cryptocurrency space. With panic sellers continuously offloading their crypto holdings at a loss, tokens are expected to remain relatively stable in the near term. As a result, it is evident that market participants maintain a bearish outlook on Bitcoin.