Bitcoin Rally Stalls with Double Top Pattern as Bulls Fail at $122K
Bitcoin Rally Stalls, Potential Bearish Signal Emerges
The recent rally of Bitcoin has stalled, indicating a potential bearish double top formation. Key points include:
- Bulls failed to maintain a rally above the Fibonacci level of $122,056.
- This mirrors a similar rejection observed on July 14.
- A confirmed breakdown below the neckline at $111,982 could lead to a sell-off towards $100,000.
Resistance levels are identified at $120,000, $122,056, and $123,181, while support is at $114,295 (50-day SMA), $111,982, and $100,000.
With upcoming U.S. CPI data release, buyer exhaustion raises concerns about market vulnerability to negative inflation reports, potentially triggering rapid declines.