Bitcoin Breaks Symmetrical Triangle: Bearish Trend Ahead?
Bitcoin enters a bearish phase after breaking a key pattern. Can it reclaim above $87,250 or drop to $73K? Key levels and market events ahead.
- Bitcoin breaks the symmetrical triangle and trends bearish.
- CME gap at $87,250 is crucial for an upside move.
- CPI, PPI, and FOMC events could impact market direction.
Bitcoin ($BTC) has broken out of its symmetrical triangle pattern, signaling a bearish trend unless it can reclaim above the CME gap at $87,250. If BTC fails to hold this level, we may see a bearish retest towards the red box area before heading lower.
Traders should watch for potential support at the $77,000 – $73,000 range, which presents an opportunity for an upside move. Additionally, a reclaim and hold above the red box on the H4 chart could set Bitcoin up for a bullish move toward $96,000.
Key Support and Resistance Levels
- Support Levels: $77K – $73K, with a major support at $75,306.
- Resistance Levels: $87,250 (CME gap), red box zone, and $96K.
- Ethereum Support: ETH is holding support at the $1,950 – $1,980 range.
Upcoming Market Events to Watch
Several key macroeconomic events could impact the crypto market:
- March 12: CPI (Consumer Price Index) release, influencing inflation outlook.
- March 13: Unemployment data and PPI (Producer Price Index) report.
- March 19: FOMC (Federal Open Market Committee) meeting, which could affect interest rates.
Given these major events, volatility is expected, making it crucial for traders to monitor these levels and react accordingly. If Bitcoin tests the $75,306 support, strong bids could provide a reversal opportunity.
