BTC Technical analysis
Bitcoin's recent price action is showing signs of potential trouble ahead. We can see a classic double top pattern forming, with both peaks around the $61,500 level. This is typically a bearish signal, indicating that the momentum could be slowing down. If the price fails to break above this level and instead drops, we could see a move toward the target around $48,000. The RSI is hovering near the overbought zone, which adds to the possibility of a reversal. Meanwhile, the MACD is not showing strong bullish momentum, further suggesting caution. Keep an eye on that support level; if it breaks, a significant drop could be on the cards.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.