BTC previously formed a strong double bottom around the $74,500 level, which led to a bullish rally pushing the price up to a saturation zone near $86,000. However, current price action suggests a double top formation — a classic bearish reversal pattern. This aligns with RSI trendline rejection and signs of bearish divergence, reinforcing the bearish sentiment.The key question: Is this a correction or the start of a deeper dump?
If BTC holds above $79,000, it may just be a healthy correction.
A breakdown below $79,000 brings the next support near $76,000 into focus.
If that fails, Bitcoin could revisit the $69,000 zone, which aligns with earlier consolidation.
Traders should monitor RSI closely and watch for reaction at the support zones. Opportunities exist for both short-term scalps and long-term positions near key levels.
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