“Watch Out for Potential Bitcoin Double Top as Bulls Fail to Break $122K Again” — CoinDesk (Aug 12)
Bitcoin has twice attempted and failed to sustain a rally above $122,056, creating a possible double top pattern—a classic bearish signal in technical analysis .
The “neckline” lies at about $111,982. A decisive drop below that would likely confirm the pattern and open the door for a potential slide toward $100,000 .
This comes as buyers appear exhausted, just ahead of a key U.S. CPI report that could further undermine bullish momentum if inflation surprises on the higher side .
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Why This Matters
A confirmed double top often signals the end of an uptrend. In Bitcoin’s case, if confirmed, it could trigger sharp downside movement to the $100K area—a level with strong psychological and technical significance. With the CPI release looming, the market might face heightened volatility, especially if the inflation data disappoints bulls.
Let me know if you'd like more insight into what to watch next—technical indicators, CPI scenarios, or possible market reactions.
