Bitcoin has completed a liquidity sweep and formed a classic bearish triple top, also known as a head and shoulders pattern. This formation signals potential downside risks unless key levels hold.
Looking at the current price action, Bitcoin is approaching a key point. If $BTC holds above the green zone (the area to hold around 57,200), it could rally to a higher target price. A break above the resistance level of 58,044, marked as the “zone to break”, would indicate a continuation of the uptrend. Traders can look for buying opportunities at that point, aiming for higher levels.
Conversely, a failure to hold the green support zone could trigger a bearish move. In this scenario, the price could fall to three potential downside targets, starting at 56,157, followed by 55,527, and finally reaching 54,948.
Traders should closely monitor price action in the coming sessions to confirm the next trend.
