Bitcoin Must Reclaim $117,570 To Avoid Double Top Risk, Veteran Trader Says
A recent large sell order in the Bitcoin (CRYPTO: BTC) market has raised concerns among traders, with veteran analyst Peter Brandt highlighting its significance as a supply-driven event that could signal a market top.
What Happened: Brandt noted on X that Bitcoin needs to exceed $117,570 to negate the formation of a seven-week double top pattern, a technical structure often associated with bearish reversals.
“Tops in markets are created by SUPPLY or DISTRIBUTION,” Brandt stated, emphasizing the impact of the sell order while clarifying he remains neutral on Bitcoin’s overall outlook.
The double top pattern, observed over the past seven weeks, suggests Bitcoin’s failure to break through key resistance levels, potentially indicating a loss of bullish momentum.
If Bitcoin …
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