As Bitcoin continues to hold the support level of $53k, a triple bottom seems to be forming which is a bullish signal showing significant interest to buyers and a trend reversal could be approaching, further being supported that sideways price action and low volume usually indicates that a major move is imminent. If volume begins to increase and price moves towards the neckline we can expect a breakout towards $65k again. Bitcoin has been respecting the 50 day moving average since the beginning of October 2020, this being the first time we've had a daily closing candle below, In previous market cycles this has occurred which then resulted in a significant move back above and beyond which happened in the 2017 bull cycle . The MACD averages seem to currently be respecting each other which doesn't indicate any selling signals as of yet on the 4 hourly . The violent downwards move could be explained by the recent increase in news stating that the current bull market is coming to an end which triggered multiple people to sell which then lead to multiple liquidations longing after we managed to break an all time high. There is a possibility $65k may have been one small market cycle top while another may happen later this year after we trend downwards for several months. Instead of this I believe Bitcoin will finish with a blowoff top considering the amount of institutional inventors involved now preventing the price from falling significantly.