Death by a thousand cuts
The series of lower highs in bitcoin in the past three weeks is a worrisome signal. We're also seeing it slow motion on the hourly charts as it bleeds down to $31,500.
At some point that steady stream of declines leads to bulls throwing in the towel, and as we've seen so many times in crytpo, losses can accelerate quickly.
So far this looks like a classic consolidation pattern ahead of another leg down.
One thing the bulls can take comfort in is that every technical analyst in the world sees the same thing. At the same time, bitcoin has behaved in an almost-textbook fashion on the charts for a long time.