Bitcoin's price has been experiencing a downward trend and has lost crucial support levels at around $28,500, indicating that bears are in control. The possibility of a bullish breakout appears to be low as bulls remain subdued. However, Bitcoin's price is currently sitting on a trend line support at around $28,000, and although the bears may drag the price lower, bulls are trying to hold it above this level. In case the price breaks down, it may test $25,550 to $26,000 levels.

According to Tradingview, the BTC price is following a parabolic curve, and it's expected to touch the curve before triggering a rebound. The price had previously surged by more than 40% in a week after bouncing off the curve. However, before the rebound, the BTC price may face another 10% drop.

The article suggests that the BTC price may soon plunge heavily to test the levels on the parabolic curve. A fine rebound is expected as the price touches the parabolic curve, which may begin a fine upswing soon. Additionally, the price is following the upper trend line as core resistance levels, and a breakout from these levels is necessary for the price to reach beyond $35,000 in the next few weeks.