The Bitcoin price has been experiencing a tumultuous period, with selling pressure dominating the market and causing a significant slump. This downward trend has raised concerns about the next price action, as the star crypto has entered a critical support range. A single bearish move could potentially hinder the BTC price rally for an extended period.

Institutional investors have been actively buying spot BTC ETFs, holding nearly 4% of the circulation. However, reports suggest that the approval of spot ETH ETFs led to a significant removal of BTC open interest, which was then swapped into ETH. This, combined with large transfers related to the Mt. Gox exchange, may have contributed to the current BTC downfall.

The BTC price is currently trading within a decisive triangle, and the recent plunge has forced the price to test the lower support range. While bulls are expected to trigger a rebound, the current trade setup suggests a bearish move may be imminent. The Relative Strength Index (RSI) has been bearish for an extended period, indicating a potential breakdown of the triangle and a hit on the local support at $66,817.

Long positions are expected to be liquidated as the aggregated open interest continues to rise, resulting in a potential drop of 4% to 5% in the coming hours. However, expectations of a steady move and a good turnaround are still present, suggesting that the Bitcoin price may take a significant turn in the coming days, potentially including sharp bearish moves.

The current situation raises questions about whether history will repeat itself in the crypto world. Will the BTC price follow its previous pattern of a pullback before the beginning of a fresh bull run? Only time will tell.

The market is eagerly waiting for the next price action, as the star crypto navigates through this critical support range. Will the bulls regain control, or will the bears continue to dominate? The coming days will be crucial in determining the future of the Bitcoin price.