🚨 **BTC Technical Analysis Alert!** 🚨
Bitcoin (BTC) is currently forming a descending triangle pattern, with rejections at key resistance levels: first at $62,700, then at $61,800, and recently at $60,600. Now trading around $59,000, BTC faces significant challenges in breaking out upwards.
📉 **Bearish Scenario:** With a series of lower highs, a breakdown below the descending triangle seems likely. Watch for BTC potentially falling to $57,000 or $56,000 if this trend continues.
📈 **Bullish Scenario:** A breakout above the trend line could occur, but it might face strong resistance and struggle to move significantly higher.
🗓️ **Important Reminder:** CPI data for August 2024 is set to release tomorrow, August 14. This, combined with today’s PPI inflation increase of 0.1%, could have a significant impact on Bitcoin and the broader market.
⚠️ **Trading Tip:** Exercise caution with long trades and avoid holding them too long, given the current market volatility.
Stay alert and trade wisely! 🚀🔥
