Is Bitcoin Preparing for a Bounce or a Breakdown?

The BTCUSD BTCUSDT chart presents a critical juncture where the price is currently trading below the EMA ribbon, which has started to tilt bearish, hinting at potential downside pressure. For the bulls to regain control on the daily timeframe, Bitcoin must hold above the key level of $95,500, which aligns with the volume point of control (POC) of the channel. A break above a recent swing high could revive the bullish scenario and push the price toward the upper range.

On the downside, the $90,000 level, which serves as the neckline of a well-formed double top pattern, is the next area to watch. If this support breaks with a weekly close below it, the probability of further downside increases, potentially dragging the price down to the $70,000 region. This zone is particularly significant due to several confluences: it aligns with the weekly POC, the 61.8%-67% Fibonacci retracement (golden pocket) of the previous bullish impulse, and the previous resistance turned support level. Additionally, projecting the double top’s measured move also points toward this $70,000 area, further solidifying it as a potential accumulation zone.

If Bitcoin does reach the $70,000 level, it could offer an attractive risk-to-reward opportunity. The EMA ribbon on the higher timeframe (weekly chart) remains bullish, suggesting that a bounce from this area could spark a reversal, potentially targeting a move back toward the $110,000 mark.

👨🏻‍💻💭 What’s your take? Will BTC hold above $95,500 and push for new highs, or are we headed for the $70,000 zone for a deeper correction and potential buy opportunity? Share your thoughts below and let’s analyze it together!
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