⬤ Bitcoin is sliding lower after carving out a rounded double-top structure on higher timeframes. The move comes after breaking down through an ascending trendline, pushing momentum toward a critical horizontal support zone. The next meaningful price action should unfold around the $33,197 level.
⬤ The chart reveals two curved peak formations that gave way to intensified selling. Once the diagonal support gave out, price accelerated downward toward the identified demand region. This zone now stands as the primary structural floor where buyers might step in to absorb the decline. A similar dynamic played out recently, as detailed in Bitcoin crashes 11% as 24/7 trading accelerates selloff.
⬤ “The $33K zone represents the make-or-break level for Bitcoin’s current structure,” notes the analyst. If BTC can find footing around this 33K area, the setup hints at a potential new expansion cycle taking shape. The projected path on the chart points to a possible trend continuation, but only after confirmation at support. A comparable bounce scenario was covered in Bitcoin bounces after sweeping lows around $74,400 target zone.
⬤ What matters most now is how Bitcoin reacts at this structural support. Holding above 33K would signal that sellers are losing steam and buyers are ready to push for a new leg up. Breaking below it would confirm that the broader correction still has room to run.
Bitcoin Eyes Critical $33K Support After Double-Top Pattern
⬤ Bitcoin is sliding lower after carving out a rounded double-top structure on higher timeframes. The move comes after breaking down through an ascending trendline, pushing momentum toward a critical horizontal support zone. The next meaningful price action should unfold around the $33,197 level.
⬤ The chart reveals two curved peak formations that gave way to intensified selling. Once the diagonal support gave out, price accelerated downward toward the identified demand region. This zone now stands as the primary structural floor where buyers might step in to absorb the decline. A similar dynamic played out recently, as detailed in Bitcoin crashes 11% as 24/7 trading accelerates selloff.
⬤ “The $33K zone represents the make-or-break level for Bitcoin’s current structure,” notes the analyst. If BTC can find footing around this 33K area, the setup hints at a potential new expansion cycle taking shape. The projected path on the chart points to a possible trend continuation, but only after confirmation at support. A comparable bounce scenario was covered in Bitcoin bounces after sweeping lows around $74,400 target zone.
⬤ What matters most now is how Bitcoin reacts at this structural support. Holding above 33K would signal that sellers are losing steam and buyers are ready to push for a new leg up. Breaking below it would confirm that the broader correction still has room to run.