It looks like the market is running out of fuel for further growth. But all is not lost yet ...
The chart shows a trend that starts around May 19. You can see rising lows (marked with red checkmarks) and rising highs (marked with black checkmarks).
Locally, if we consider bitcoin from a historical high, the initiative is completely behind the bears and since then the first cryptocurrency has lost 40% of its value.
The price is very close to an important low around 40k. and now, this level supports Bitcoin (black line on the chart).
If the bears manage to overcome this level, the upward trend that we noted earlier will be broken for Bitcoin.
It is time for the bulls to defend this level, but unfortunately, this is not visible.
If you look at the volumes, then every time a local minimum was formed (circled in red), we received less and less volume. As if demand is running out ...
Therefore, in terms of the construction of the uptrend, which originates from mid-May, it is now a very good place to buy, but unfortunately at the moment, it is not clear that the market has the "fuel" for this.
Total
The situation is very ambiguous in terms of trading decisions.
If you have a negative attitude towards Bitcoin, then short positions relative to the current situation are controversial since Bitcoin has already lost 40%, which means good chances for some counter-upward movement...
If you are positive about Bitcoin, then at the moment it is not clear that the Bulls have the strength to take the initiative at least locally.
Based on this, in this situation, it is better not to make any decisions and observe for now. And if you take risks and open deals, then with minimal risks.