Bitcoin Price Action: Breakdown in Progress

Bitcoin is showing clear signs of a breakdown from a rising wedge pattern, a classic bearish reversal structure. The chart suggests that BTC failed to sustain momentum above key moving averages and is now heading toward critical support zones.

Key Observations:
🔹 Rising Wedge Breakdown: BTC recently broke below a rising wedge, indicating potential further downside.
🔹 Moving Averages as Resistance: The 200 SMA (blue) and 50 SMA (yellow) are acting as resistance, confirming bearish momentum.
🔹 Support & Target Levels:

First Target: Around $79,845 - $78,516, aligning with previous structure support.

Second Target: $75,762 - $72,500, where strong demand could emerge.

What’s Next?
Bearish Case: If Bitcoin fails to hold the $78,000-$79,000 zone, we could see further declines toward $72,500.

Bullish Rebound: A strong bounce from support levels could push BTC back toward $85,000, but it needs to reclaim key moving averages to confirm strength.

🚨 Final Thought: Bitcoin bulls need to step in soon, or we might see deeper corrections ahead. #DeathCross