Analysis: The flag-shaped price pattern suggests that Bitcoin may rise after the consolidation ends

According to on-chain data, Bitcoin's weekly MACD has been negative since April, but the price of Bitcoin has remained in a slightly downward sloping channel between $50,000 and $70,000, forming a "bull flag" pattern rather than a sharp downward trend, which contradicts the continued MACD signal. The indicator data shows that the MACD has been continuously bearish since the end of April, coupled with the flag price pattern, suggesting that there is bullish sentiment beneath the surface price action. Indicating that sellers failed to form a strong downward trend, even during the panic selling in early August, it only suppressed the price to between $55,000 and $50,000. And the prolonged weakness of sellers means that the bull market could suddenly recover, ushering in higher prices.