Bitcoin (BTC/USDT) Technical Analysis – Bearish Breakdown Looms?*$BTC
The Bitcoin (BTC) chart on the 1-hour timeframe shows a critical moment as the price hovers around the $84,800 level. After consolidating within a symmetrical triangle pattern, BTC has broken below the ascending trendline support, signaling potential bearish momentum ahead.
Key observations:
- Symmetrical Triangle Formation: BTC formed a tightening range, bounded by higher lows and lower highs, indicating indecision.
- Bearish Breakdown: The recent candle has broken below the trendline, accompanied by selling pressure, which may lead to further downside.
- Next Support Zones: The green arrow highlights a possible move towards the $81,300 support zone, aligning with previous price consolidation and horizontal demand.
Traders should watch for confirmation of this breakout with volume and momentum. If support around $84,000 fails to hold, the path to $81,300 could be swift.
As always, apply proper risk management and stay updated with market news that may affect volatility.
