Bitcoin's recent surge to an all-time high of $111,814 on May 22 has been met with resistance, leading analysts to caution about a possible short-term decline.

Key Observations

  • Repeated Resistance at $111K–$112K: Bitcoin has faced multiple rejections at this price range, suggesting a weakening bullish momentum.

  • Formation of Lower Highs: On the 4-hour chart, a series of lower highs indicates potential bearish pressure building up.

  • Emerging Double Top Pattern: The price action resembles a double top, a bearish reversal pattern, raising concerns about a potential downturn.

Potential Downside Targets

  • Immediate Support at $105K: Bitcoin is currently trading around $105,272. A failure to hold this level could lead to further declines.

  • Next Support Zone at $101K–$102K: If the $105K support breaks, analysts anticipate a drop to the $101K–$102K range, which previously acted as strong support between May 14 and May 19.

Current Market Snapshot

  • Price: $105,574

  • 24-Hour Change: -1.7%

  • Intraday High: $107,564

  • Intraday Low: $105,046

Analyst Insight

While the long-term outlook for Bitcoin remains bullish, the short-term indicators suggest caution. Traders are advised to monitor key support levels and be prepared for potential volatility in the coming days.

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📢Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your research before making investment decisions.