Bitcoin is approaching a key decision area after a few months of downward pressure. The chart shows a clear bearish structure with lower highs and lower lows. Recently, a possible double top has formed just below the major resistance near 88.668, which could suggest a short-term pullback if buyers don't step in.
If the double top plays out, a retest of the support zone between 78.576 and 82.000 is likely. This zone has held well in the past and could act as a strong base again.
However, if price manages to break and hold above 88668, that would be a strong signal of strength. It could mark a shift back to a bullish trend, with the next major target being the all-time high area around 108.360.
Key areas to watch:
Support: 78.576 to 82.000
Resistance: 88.668 and 108.360
Right now, Bitcoin is at a make-or-break point. A breakout could trigger a strong rally, while rejection may lead to another dip. Stay patient, watch how price reacts at these levels, and let the market confirm the next move.
If the double top plays out, a retest of the support zone between 78.576 and 82.000 is likely. This zone has held well in the past and could act as a strong base again.
However, if price manages to break and hold above 88668, that would be a strong signal of strength. It could mark a shift back to a bullish trend, with the next major target being the all-time high area around 108.360.
Key areas to watch:
Support: 78.576 to 82.000
Resistance: 88.668 and 108.360
Right now, Bitcoin is at a make-or-break point. A breakout could trigger a strong rally, while rejection may lead to another dip. Stay patient, watch how price reacts at these levels, and let the market confirm the next move.
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.
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.