Bitcoin

Coin

<ul class="news-points">
 <li>Bitcoin’s double top pattern could signal a drop to $50,000 if the support level is breached.</li>
 <li>Upcoming PCE data may support Fed rate cuts, potentially stabilizing Bitcoin prices.</li>
 <li>Economic data influences Bitcoin, with recent trends pushing bond yields higher and precious metals lower.</li>
</ul>
Bitcoin (BTC) is exhibiting signs of a <a href="https://coinedition.com/bitcoin-miners-in-historic-sell-off-dumping-over-30000-btc-worth-2b-this-month/?utm_source=telegram_channel&amp;utm_medium=referral" rel="noopener noreferrer nofollow">potential bearish trend</a> change ahead of a key data release that could influence the Federal Reserve’s interest rate decisions. Bitcoin’s price has experienced volatility this month, surging to nearly $70,000 before retreating to $63,000. This divergence from Nasdaq’s continued upward movement is attributed to increased selling by miners, profit-taking by investors near all-time highs, and outflows from U.S.-listed spot Bitcoin ETFs.
The recent price action has formed a double top, a bearish technical analysis pattern characterized by two peaks with a valley in the middle, often appearing after a significant uptrend.
The second peak signals potential uptrend exhaustion, with a breach of the low between the two peaks confirming a bearish trend change. Bitcoin’s support level is <a href="https://www.forbes.com/sites/digital-assets/2024/06/24/time-to-panic-sudden-bitcoin-ethereum-solana-xrp-and-crypto-price-crash-wipes-away-200-billion/" target="_blank" rel="noopener noreferrer nofollow">currently under pressure</a>, and if this double top formation hol…
The post <a href="https://coinedition.com/bitcoin-double-top-formation-raises-alarm-bells-for-investors/" rel="noopener noreferrer nofollow">Bitcoin Double Top Formation Raises Alarm Bells for Investors</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Bitcoin Double Top Formation Raises Alarm Bells for Investors

Coin Edition

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