Bitcoin is testing a key demand zone after breaking down from a symmetrical triangle, putting the market at a critical turning point.
While buyers may attempt to defend this support and trigger a rebound, a failure to hold could open the door to further downside in the near term.
Bearish Triangle Breakdown Sends Bitcoin
Toward Key Liquidity Zone
Minga highlighted that the market has experienced a bearish breakout from a symmetrical triangle pattern, and the price is trending toward the 50% wick fill region of the previous weekly candle, an area containing significant untested liquidity and a long limit order that was previously front-ran. While he expects this long position to be filled, the risk on this trade is minimal at 0.25%, effectively serving as a risk-free hedge against his existing short position.
Minga maintains a bullish bias for the remainder of the month, but he emphasizes that this outlook requires technical confirmation, specifically a bounce from the $60,700 level. Losing this key support likely invites further downside, bringing the $58,900 level into focus. Given that the daily trend is showing clear signs of exhaustion, Minga views the $60,700-$58,900 range as a high-probability zone for a potential recovery.
However, the analyst cautions that exhaustion does not inherently guarantee a reversal. Market conditions can often result in a slow, grinding decline as the asset hunts for liquidity on both sides, leading to highly choppy price action. This behavior is historically common near major
market turning points.
Given that the market is potentially nearing a macro bottom, the possibility of a prolonged, choppy descent cannot be ignored. Should this scenario materialize and the current support zones fail to hold, Minga identifies the $54,500-$49,000 region as the next critical downside target.
$60,800 Remains BT's Most Important
Battleground $BTC
While buyers may attempt to defend this support and trigger a rebound, a failure to hold could open the door to further downside in the near term.
Bearish Triangle Breakdown Sends Bitcoin
Toward Key Liquidity Zone
Minga highlighted that the market has experienced a bearish breakout from a symmetrical triangle pattern, and the price is trending toward the 50% wick fill region of the previous weekly candle, an area containing significant untested liquidity and a long limit order that was previously front-ran. While he expects this long position to be filled, the risk on this trade is minimal at 0.25%, effectively serving as a risk-free hedge against his existing short position.
Minga maintains a bullish bias for the remainder of the month, but he emphasizes that this outlook requires technical confirmation, specifically a bounce from the $60,700 level. Losing this key support likely invites further downside, bringing the $58,900 level into focus. Given that the daily trend is showing clear signs of exhaustion, Minga views the $60,700-$58,900 range as a high-probability zone for a potential recovery.
However, the analyst cautions that exhaustion does not inherently guarantee a reversal. Market conditions can often result in a slow, grinding decline as the asset hunts for liquidity on both sides, leading to highly choppy price action. This behavior is historically common near major
market turning points.
Given that the market is potentially nearing a macro bottom, the possibility of a prolonged, choppy descent cannot be ignored. Should this scenario materialize and the current support zones fail to hold, Minga identifies the $54,500-$49,000 region as the next critical downside target.
$60,800 Remains BT's Most Important
Battleground $BTC
