Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Traders believe that Bitcoin has failed to break the long-term downtrend line, issuing a double top pattern bearish warning

Traders believe that Bitcoin has failed to break the long-term downtrend line, issuing a double top pattern bearish warning

Bitget2025/03/29 07:05

ChainCatcher reports that Bitcoin continues its previous downward trend, probing $83,387. Concurrently, the sell-off in U.S. stocks intensified with the Dow Jones plummeting 700 points and the SP 500 index severely falling by 112 points, evaporating trillions of market value in a single day. The market attributes this panic to February's core PCE price index unexpectedly climbing to 2.8%, coupled with Trump administration's announcement of imposing a 25% tariff on imported cars, causing a chain reaction impact on the market.

On the technical front, double top formation triggers selling warning. Trader Peter Brandt issued a warning that BTC daily chart has formed a "bearish wedge", establishing $65,635 as target position for double top pattern. Crypto trader HTL-NL agrees with Brandt's view and believes that Bitcoin’s failure to “break” long-term downtrend line and confirm bearish wedge pattern is evidence that BTC will touch its range low point again; technically confirming continuation pattern of decline.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!