Adrian Zdunczyk pointed out a possible bullish chart formation for Bitcoin (BTC) in a Twitter post published earlier today. According to the post, a falling wedge has formed on the daily chart of the cryptocurrency market leader. If this pattern is confirmed, the price of BTC could rise in the next few days.

If the ascending falling wedge pattern highlighted in Zdunczyk's tweet is confirmed, the price of BTC could rise to $32,000 next week. But before that happens, the price of the cryptocurrency will need to overcome the $29.6k resistance.
On the other hand, failure to close a one-day candle above the 9-day EMA line at $29,228 in the next 48 hours may cause the price of BTC to drop towards $27K next week. However, the price of BTC will have until about August 20, 2023, for the price to break up. After that, the price of the cryptocurrency will have come out of the top of the pattern.
Investors and traders will want to note that the 9-day EMA line has fallen below the 50-day EMA for the past 24 hours. This could be followed by a bearish divergence between the 20-day EMA line and the 50-day EMA line next week.
If this crossover occurs, it will indicate that BTC has entered a medium-term negative trend. This will likely cause the BTC price to drop in the coming weeks.
Bitcoin's trading volume dropped 43 percent during the day!
Looking at the shorter-term performance of Bitcoin, CoinMarketCap noted that the price of the crypto king has dropped by only 0.05 percent in the past 24 hours. This resulted in it being traded at $29,024.28 at press time.
During this time, Bitcoin was stuck between its high of $29,073.01 and its 24-hour low of $28,957.80. Notably, the cryptocurrency's trading volume during the day amounted to about $6,480,243,786, representing a significant decrease of 43 percent from the previous day.
In addition, this small decline in BTC's price performance caused it to depreciate by 0.05 percent against its rival Ethereum (ETH). In addition, its weekly performance decreased, bringing its total weekly performance to minus 0.89 percent according to press time.
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