Bitcoin Double-Top & $60K Correction Explained

People are showing Bitcoin producing a double-top or shy higher high and then crashing down to new lows. This is a strong fallacy. Here we can see Bitcoin trading above $102,000 for 12 days before moving higher, this creates a support zone. (Green on the chart.) Bitcoin can easily consolidate above this level before moving higher. All the action in mid-December 2024 and late January 2025 also makes this zone a very strong support zone.

Before Bitcoin trades at $60K or $70K for example, it needs to break below $100,000. For Bitcoin to break below $100,000, it first needs to challenge $102,000 which is a super strong long-term support.

For Bitcoin to move below $102,000, it needs to break below $105,000. What Bitcoin is doing now, is simply consolidating the last advance, preparing for additional growth.

Notice that there is no huge bear volume candle after the new ATH. Also notice that the red candle happened the day after the ATH and not the same day. Bitcoin is not set to crash. Bitcoin will continue growing.

Remember, the FED will lower interest rates next month and this will be the boom (catalyst) that will push the Cryptocurrency market to the stars.

Namaste.