Bitcoin Breakdown: Descending Wedge in Play

Bitcoin has officially broken down from its descending wedge pattern, slipping below key trendline support. This signals a potential continuation to lower levels unless bulls step in aggressively.

Pattern Breakdown:
📉 Descending Wedge Breakdown – Bitcoin was consolidating within a wedge formation, but the lower trendline has now been breached, confirming a bearish move. The increase in volume suggests strong selling pressure.

Key Levels to Watch:
🔴 Resistance: $99,563 - $100,763 (previous supply zone)
🟢 Support: $92,247 (minor), $89,067 (critical), and $76,612 as a major downside target
🔹 200 EMA (Daily): $85,683 – Potential dynamic support
🔹 200 SMA (Weekly): $44,417 – Long-term floor

What’s Next?

• If Bitcoin fails to reclaim the $92,247 - $93,000 zone, we could see a deeper correction.
  
• Volume is rising on this breakdown, reinforcing the bearish outlook.
  
• Bulls need to reclaim the broken trendline and break back above the 9 EMA ($94,712) to regain control.
  

Bottom line: Bitcoin is at a critical level—either we see a strong bounce soon, or lower supports will come into play. A descending wedge breakdown often leads to further downside unless bulls reclaim key levels fast.