Bitcoin Price Warning: $122K Double-Top Signals Potential Market Downturn

Key Points

1. A double-top pattern has formed on Bitcoin's daily chart, with two peaks near $122,000 (July 14 and August 11) and a neckline at $111,982, indicating a potential trend reversal.

2. A confirmed close below the $111,982 neckline would solidify the double-top pattern, suggesting a likely downtrend for Bitcoin.

3. The $122,000 level has acted as strong resistance, with Bitcoin failing to break through twice, reinforcing the double-top formation.

4. The upcoming U.S. Consumer Price Index (CPI) release could impact Bitcoin's price, as higher inflation readings may lead to negative market reactions and accelerate the double-top confirmation.

5. Historical patterns, such as a similar double-top in April, add weight to concerns about a potential downturn in Bitcoin's price.