According to the analysis by CoinDesk, Bitcoin's (BTC) price saw its biggest drop for seven weeks on Thursday, Jan 10, weakening the prospects of a bullish breakout above $4,100.
BTC risks breaching the bullish-higher low of $3,566 over the weekend. That would add credence to the bearish setup on the weekly chart and open the doors to $3,250 (200-week SMA).
A quick recovery above $4,000 would abort the bearish setup, although the probability of BTC picking up a strong bid in the short-term is quite low.
A convincing weekly close (Sunday's UTC close) above the 200-week EMA $4,148 will likely put the bulls back into the driver's seat and allow a stronger rally towards $5,000.