Bitcoin Faces Potential Downtrend: Technical Patterns & Inflation Concerns

Analysts are expressing concern regarding Bitcoin’s future trajectory as technical indicators suggest a potential downtrend. Coindesk analyst Omkar Godbole, citing a bearish double-top pattern formation on the daily chart, highlights the recent failure of bulls to break above the $122,056 Fibonacci level on Monday. This mirroring of a similar situation from July 14 indicates a lack of sustained upward momentum. The potential neckline support at $111,982 is crucial to monitor for further price action.