Bitcoin has broken beneath a key triangle pattern, with price now hovering around $106,000—an area highlighted as crucial in the short term.
Crypto analyst Daan Crypto Trades shared this outlook in a recent post, warning that the swift breakdown could mark the start of a broader pullback if bulls fail to reclaim the range.
Recovery Scenario or Local Top?
According to Daan, a bounce and range reclaim could signal a bullish deviation, potentially reigniting momentum. However, without a reversal soon, the current action might confirm a local top, with a move toward the low $100,000s likely.
Macro Pressure From Equities Could Influence BTC
The analyst emphasized that a BTC recovery might also depend on broader market sentiment, particularly stock market stability. Equities have shown bearish momentum recently, and Bitcoin may struggle to climb without external support.
For now, caution prevails as bulls face a key test around $106K.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
Source: https://coindoo.com/bitcoin-slips-below-key-support-as-bulls-face-crucial-test/