Bitcoin price has been consolidating inside a symmetrical triangle, as seen in the chart below. This setup has no directional bias, this means that BTC price could move either way, pump or dip further.

It is possible market participants could see a bearish spike in selling pressure around the New York open today. This could tank Bitcoin price to collect the sell-side liquidity resting below the previous weekly low at $18,097 between Friday and Saturday.

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BC/USD 8-hour chart currently

While things look ambiguous for Bitcoin price, a breakdown of the $17,593 level without a recovery could flip this barrier into a resistance level. This development will invalidate the bullish thesis for BTC and potentially see BC drop to $15,550 this week.

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This could tank Bitcoin price to collect the sell-side liquidity resting below the previous weekly low at $18,097 between Friday and Saturday.