Watch Out for Potential Bitcoin Double Top as Bulls Fail to Break $122K Again

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.