Bitcoin looks to be consolidating into a bearish flag – with most weaker coins falling out of favor and possible new regulation on the horizon this does indeed look like a distributional pattern. Trades off the resistance trend line selling off harder than support buying.
This looks like a bearish flag to me and we are looking for some fundamental catalyst such as a banning of cryptocurrencies by the United States to spark this significant sell off. It is possible what comes out of this is a cleaner crypto space (think 10 year time frame) but in the intermediate term it looks difficult to be bullish . MACD looks to have topped a while ago, and the more recent signal suggests a breakdown is already occurring.