Bitcoin is currently trapped within a bearish pennant formation, and the structure remains intact so far. This means the downside remains a real threat in the near term.

Looking at the weekly chart ahead of the close, price action is shaping up to form a gravestone doji-type candle right beneath the downward-sloping 50-period exponential moving average. This combination of bearish signals—the pennant structure plus the doji near the 50 EMA—suggests weakness could persist if support breaks.