Watch Out for Potential Bitcoin Double Top as Bulls Fail to Break $122K Again
Main Idea
Bitcoin's failure to sustain gains above $122,000 suggests potential buyer exhaustion, with a confirmed double top breakdown possibly leading to a re-test of $100,000.
Key Points
1. Bitcoin recently formed twin peaks above $122,000, indicating potential buyer exhaustion.
2. A decisive move below $111,982 could confirm a double top breakdown, leading to a sell-off toward $100,000.
3. Earlier this year, BTC double-topped near $100,000 before falling below $75,000 in April.
4. Key resistance levels are $120,000, $122,056, and $123,181, while support levels are $114,295 (50-day SMA), $111,982, and $100,000.
5. The market is vulnerable to a hotter-than-expected U.S. CPI report, which could dampen Fed rate cut bets and weigh on risk assets.
Description
This is a daily analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole. The bitcoin (BTC) rally has stalled, raising the possibility of a potentially bearish technical formation: a double top. A close examination of the daily chart reveals that bulls failed to sustain a rally above the key Fibonacci level of $122,056 on Monday, a performance that precisely mirrors a similar rejection on July 14, according to data source TradingView. This dual failure to establish a foothold a...
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