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Bitcoin Faces Bearish Signals After ATH Rejection
Bitcoin hit a new all-time high (ATH) at $111,814 on May 22 but has since struggled to surpass this level. Market analysts observe increasing bearish pressure as the price makes lower highs and is repeatedly rejected in the $111,000 to $112,000 range. Technical analysis indicates a double top pattern, potentially signaling a shift in control from bulls to bears. In the coming days, a decline towards the support zone of $101,000 to $102,000 may occur if this pattern plays out. Keeping an eye on the $105,000 threshold is crucial; a break below it could lead to a drop to $101,000 over the weekend.
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AI Analysis
The recent price action of Bitcoin reveals a classic case of technical exhaustion at the all-time high of $111,814. The formation of a double top pattern is significant, as it often indicates a revers...
AI Recommendation
Given the current technical signals, it is advisable to exercise caution and consider reducing exposure or tightening stop-losses for existing long positions. A break below $105,000 could accelerate a...
Disclaimer
The AI analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.
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