Bitcoin's Potential Turnaround: Analyzing the Cup and Handle

Today, Bitcoin experienced a notable reversal, sparking optimism for a potential shift out of the current short-term downtrend. Observations suggest that BTC might be forming a cup and handle pattern on the 1-hour timeframe, an indication that could signal upward momentum if the pattern holds. However, it's crucial to note that Bitcoin is currently facing significant resistance. The possibility of rejection at this level remains, so traders should exercise caution.