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@bluesky2710
The Bitcoin/USDT weekly chart shows a potential double top formation near the $104,239 resistance zone, which aligns with previous local highs. Price action has started to weaken below this level, with a visible bearish divergence in the RSI. The green projected path suggests a possible short-term bounce followed by a deeper correction toward the $97,971 support and potentially the $82,231 demand zone. Volume has decreased notably, indicating waning bullish momentum. The price broke below a steep ascending trendline, and the RSI failed to break above its long-term descending trendline resistance (highlighted in green), reinforcing the bearish outlook.
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@bluesky2710
If Bitcoin fails to reclaim $104,000 convincingly, a move to retest the $97,971 and $82,231 levels seems likely. The 50-week moving average around $82,000 may act as a key support in the coming weeks. If broken, the next significant level lies around $60,665. In conclusion, Bitcoin is at a critical inflection point. Bulls need strong volume and momentum to reclaim previous highs, while bears may gain control if the price breaks and holds below key support levels.
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