Bitcoin Faces Double-Top Rejection - Is a Drop to $100K Coming?
Bitcoin’s recent price action is showing signs of short-term weakness after a sharp rejection at the $124,500 level. The cryptocurrency had broken out from a consolidation phase in mid-July, rallying from $112,000 to $123,000 before pulling back. It then made another push higher, peaking earlier today at $124,500 — only to face strong selling pressure.
This latest rejection has formed a classic double-top pattern, a bearish signal that often points to further downside. With selling volume surging, analysts warn that Bitcoin could soon break key support. The first major support at $112,000 may not hold this time, with price targets now falling into the $100,000 to $110,000 range.
A drop to $100,000 would still keep the broader bull market intact, though it would represent a major 20% correction. Such a pullback could set the stage for another extended rally lasting several months, provided buyers return in force. Alternatively, if $112,000 holds firm, sentiment could shift back to ultra-bullish, opening the door to new all-time highs.
For now, short-term traders are bracing for a potential breakdown, while long-term holders remain confident that the bull cycle is far from over.