On the 4-hour TF, bitcoin has surpassed the critical levels of $18,500 and its $ 17,582 "duplicate." Thus, we now have all the technical justifications needed for the cryptocurrency to continue to decline. After another fall, bitcoin may remain flat for several weeks or even months, as we previously warned. In theory, this is what we are experiencing right now. The cryptocurrency has been trading between this level and the $17,200 level for three weeks after dropping to $15,600. So it won't surprise us if the flat continues in the near future.

News has come in from the Bybit cryptocurrency exchange in the interim. It was revealed that the company's management is beginning to lay off employees amid the protracted cryptocurrency "winter." Ben Zhou, the company's CEO, mentioned reorganization at all levels, but it is crystal clear to all of us why layoffs start. Since the cryptocurrency sector is going through a rough patch, investors and businesses that cater to them are struggling. Old customers are gradually leaving the market due to a lack of new investments and customers. Cryptocurrency exchanges suffer from a lack of liquidity, hurting the businesses that have lent to or invested in them. All of this can consequently fall apart like a house of cards.

Ulrich Bindseil, director general of the ECB and analyst Jurgen Schaff published a piece pointing out the futility of bitcoin. They claimed in their article that legal transactions involving bitcoin are extremely uncommon and that the transactions themselves are cumbersome, time-consuming, and expensive. "Investing in bitcoin is not recommended. It cannot be used productively (like commodities) or produce dividends (like stocks) or generate cash flow (like real estate) or provide social benefits (like gold). Bitcoin's market value is solely determined by speculation," the report claims.

While we partially concur with Bindseil and Schaff's opinions, many people can use bitcoin as a tool for investing. Many people panic for unknown reasons when a bear market begins and forget that every bullish trend ends with an 80–90% decline. No matter how cliche it sounds, we must wait until the bear market has ended and the fundamental background has improved before discussing the growth prospects of the first cryptocurrency in history.

The "bitcoin" quotes left the side channel they had been in for five months in the four-hour time frame. Since the fall has already passed both crucial levels of $18,500 and $17,582, we anticipate it to continue with a target of $12,426 in the medium term. Although trend channels and lines are no longer useful, the downward trend still exists. Although Bitcoin tries to float, the fundamental background frequently submerges it.