The price of Bitcoin (BTCUSD) suffers sharp losses in its recent intraday trading, affected by breaking a negative technical pattern (the rising wedge pattern), which suggest a rebound for the downside on the short-term basis, surpassing the support of its EMA50, increasing the negative pressure on its upcoming move.

This decline came after a failed attempt to offload the oversold condition that appeared clearly on the (RSI) indicators, indicating the weakness of the bullish momentum and the buyers failure to keep the bullish trend, reinforcing the possibilities for the continuation of the bearish correction in the intraday moves.