NEAR Protocol

Bitcoin

Axie Infinity

<p>Renowned cryptocurrency trader Aditya Singh <a href="https://twitter.com/CryptooAdy/status/1742535764376985611" target="_blank" rel="noopener noreferrer nofollow">noted </a>in his market commentary today that Bitcoin saw a sharp dump from $45,000, invalidating its recent breakout.</p>
<p>Bitcoin failed to hold support at the key breakdown point of the descending triangle pattern that has been forming over the past month, around $43,500. Instead, the leading cryptocurrency plunged below this level, putting it back inside the triangle after a fake breakout.</p>
<p>The inability to hold above the descending triangle breakpoint confirms the breakout was a bull trap. Bitcoin remains stuck in a month-long descending triangle, pointing to further downside risk.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="692" src="https://captainaltcoin.com/wp-content/uploads/2024/01/chart-65-1024x692.png" alt="" class="wp-image-412507" srcset="https://captainaltcoin.com/wp-content/uploads/2024/01/chart-65-1024x692.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/01/chart-65-300x203.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/01/chart-65-767x518.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/01/chart-65-1536x1038.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/01/chart-65-2048x1384.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/01/chart-65-222x150.png 222w, https://captainaltcoin.com/wp-content/uploads/2024/01/chart-65-100x68.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/01/chart-65-518x350.png 518w, https://captainaltcoin.com/wp-content/uploads/2024/01/chart-65-788x532.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/01/chart-65.png 1048w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p><em><strong>Source: <a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="CoinStats" href="https://captainaltcoin.com/go/coinstats-3/" data-shortcode="true">CoinStats – Start using it today</a></strong></em></p>
<p>Traders should watch for ETF-related news, which could strongly impact Bitcoin’s price. Major support sits around $40,400; a drop below here would confirm a bearish breakdown from the pattern.</p>
<p>Looking ahead, Bitcoin is approaching a critical juncture at the apex of this descending triangle, which has tightened its trading range considerably.</p>
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<p>A decisive break below the lower trendline, which currently aligns with the $40,400 support, would open the door for an acceleration lower, with potential downside targets around $37,000. Alternatively, a breakback above resistance at $46,000 would invalidate the bearish setup.</p>
<p>In summary, Bitcoin remains vulnerable amidst this descending triangle squeeze, especially after the failed breakout attempt. Traders should monitor ETF developments and $40,400 support closely in the coming days to gauge Bitcoin’s next major move.</p>
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<p>The post <a href="https://captainaltcoin.com/analyst-verifies-false-bitcoin-breakout-urges-vigilance-on-etf-developments-and-key-btc-support-level/" rel="noopener noreferrer nofollow">Analyst Verifies False Bitcoin Breakout, Urges Vigilance on ETF Developments and Key BTC Support Level</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Analyst Verifies False Bitcoin Breakout, Urges Vigilance on ETF Developments and Key BTC Support Level

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