Bitcoin Bubble at $70K? Prepare for Impact

Bitcoin recently faced strong rejection near the $81,000 level, forming a potential double top pattern on the higher timeframes. This classic bearish reversal setup is now playing out, as price action has begun to decline from the second peak.

Adding to the bearish confluence, the MACD has confirmed a bearish crossover, signaling weakening momentum and a potential trend reversal. The rejection at $81K aligns with historical resistance, and price has failed to break above it despite multiple attempts.

Going forward, there are two key scenarios to watch:

Retest of the $76,700 zone – A minor support area that could offer a bounce or consolidation before the next move.

Deeper pullback towards $70,000 – If bearish pressure continues, BTC could head lower to test this psychological and technical support level.