Market Update: Bitcoin ($BTC )
Bitcoin continues to exhibit tight consolidation within a bearish flag pattern on the 12-hour timeframe, following the recent impulsive decline toward the $60,000 region.
Price action remains range-bound between:
• Descending resistance in the $70,000–$71,000 zone (upper boundary of the flag)
• Rising support near $66,000 (lower boundary)
As of now, BTC is trading around $66,900, with the pattern approaching its apex as volatility contracts. This compression phase often precedes a high-conviction directional move.
Key Scenarios:
• A decisive breakout above $70,000–$71,000 would invalidate the bearish flag structure, potentially shifting momentum bullish and targeting higher levels.
• A confirmed breakdown below $66,000 would validate continuation of the bearish pattern, opening the door for further downside extension toward lower support zones.
Traders should monitor volume on any breakout/breakdown for confirmation, alongside broader market catalysts.
$Risk management remains critical in this compressed environment await clear resolution before positioning aggressively.
Stay vigilant. Professional analysis only—no guarantees in markets.
