If Bitcoin faces another rejection here, it could form a triple top pattern, potentially dragging price back toward the $59,800 range. However, a clean break above this level would reinforce the bullish case and signal that the broader correction phase may be ending.
Santiment data shows nearly $297 million in Bitcoin ETF outflows, indicating rising panic among retail investors. Interestingly, such outflows have historically aligned with buying opportunities, while strong inflows tend to mark local tops.
Hence, Bitcoin can rally, but unless it proves strength after the breakout, this could turn into another bull trap rather than the start of a sustained uptrend.
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