BTC/USDT Technical Analysis – Rounding Top Breakdown

🔹 Asset: Bitcoin (BTC/USDT Perpetual Futures)
🔹 Timeframe: 1D (Daily)
🔹 Exchange: MEXC

📊 Market Overview:
Bitcoin has formed a rounding top pattern, a classic bearish reversal structure, leading to a strong downtrend. The price has recently broken below key support levels, indicating further downside pressure.

📉 Key Technical Factors:
✅ Rounding Top Formation: The gradual loss of bullish momentum followed by an aggressive sell-off confirms a trend reversal.
✅ Accelerating Downtrend: Angled resistance lines highlight the declining bullish strength, with negative slope angles reinforcing downward momentum.
✅ Critical Support Zone: BTC is currently testing a key support area (~$74,000 - $72,000). A breakdown below this level could accelerate the decline.

📌 Potential Trade Setups:
Bearish Scenario: If BTC breaks below the $74,000 support zone, we could see further downside towards $70,000 or even $65,000 in the short term.
Bullish Reversal: A strong bounce from the current support level with increased volume could invalidate the bearish outlook, pushing BTC back toward $90,000+ resistance.
🔥 Conclusion:
Bitcoin's structure is bearish, with the rounding top pattern playing out as expected. Traders should watch for a confirmed support breakdown or bounce to determine the next move.

🔔 Manage risk and stay updated for further developments! 🚀