Bitcoin has confirmed a bearish trend after failing to break above the $94k–$98k resistance level. Analyst Crypto Patel highlighted the breakdown of the Head & Shoulders pattern, with a bear flag now in play. Key support levels at $80k, $75k, and $70k are in focus. A rebound above $92k is needed to reverse the bearish trend.
Bitcoin rejected 94k-98k resistance, confirming a bearish structure and downside risk.
Bitcoin’s trend remains bearish, with supports at $80k, $75k, and $70k.
A bullish reversal only happens if Bitcoin reclaims levels above $92k.
Bitcoin has confirmed a bearish trend after rejecting key resistance levels. The failure to break through the $94k–$98k range points to potential downside. With support levels at $80k, $75k, and $70k, further declines seem likely.
Bitcoin Confirms Bearish Trend After Neckline Rejection
Bitcoin ($BTC) has confirmed a bearish market structure after rejecting the 94k-98k neckline resistance level. According to a recent update by analyst Crypto Patel, this rejection marks the failure of the Head & Shoulders pattern, which led to a bear flag breakdown. With the neckline resistance now rejected, the downside momentum is likely to continue.
Source: X
The outlook remains bearish as long as Bitcoin stays below $90k. If the price fails to break above this level, further downside movement is expected. The key support levels to watch are $80k, $75k, and $70k, which could act as potential reversal points.
Potential for Further Decline and the Path Ahead
The current market structure points to a possible continuation of the bearish trend. According to Patel, a measured move from the current price levels suggests Bitcoin could fall toward the $75k to $70k range, representing a 22% downside from its current levels. Traders should remain cautious, as the trend suggests a continuation of the downtrend if resistance levels are not breached.
While the trend is decisively bearish for now, a shift in momentum could occur if Bitcoin manages to reclaim levels above $92k. This would signal a potential reversal to bullish territory. However, until that happens, the advice is clear: respect the trend and consider selling rallies.
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