The chart shows that BTC is struggling to break above a descending trendline (purple), which has acted as resistance since early July. Each time the price touches this line, it gets pushed back down, forming lower highs over time, indicating that the bearish trend remains intact.
Double Top Pattern:
A potential double top formation is evident around the $62,000 region, a classic bearish reversal signal. This pattern typically suggests that after failing to break the resistance, the price is likely to drop significantly, possibly toward the next major support levels.
Decreasing Trading Volume:
Volume indicators show declining buy-side activity, which means bulls are losing strength. When volume drops while the price approaches a resistance zone, it suggests that there may not be enough momentum to push prices higher, increasing the chances of a downward move as sellers gain control.
Next Support Level:
Based on previous price action, the next strong support level lies around $54,000. This level has held firm during past corrections, making it a likely target for Bitcoin’s current retracement before potentially finding a bottom and reversing.
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If Bitcoin fails to break above the resistance at $62,000, it's likely to continue its downward trajectory toward $54,000. Traders should be cautious with long positions at this stage, as the market seems poised for a deeper correction before any potential recovery.
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