Over the last two weeks, bitcoin saw its longest streak of red days since 2014. The volume was modest and expansive on the drop as the price managed to lose 25% in value in just 10 days. At the time of this article, the market is testing the strength of the support near the bottom of the macro trading range (TR):
Figure 1: BTC-USD, 1-Day Candles, Macro Trading Range
As noted in several previous articles, this is a very important stronghold for the bulls. If support does not manage to hold this support, the market will undoubtedly search lower values in an attempt to garner significant market demand.