Bear Pennant

Bitcoin is hovering near critical chart support around $62,850 while long term US borrowing costs climb to their highest level since 2001. Technical traders say a decisive breakdown could open the door to a move toward $45,235, even as the longer term debt narrative may eventually support BTC.

Bitcoin is entering August with traders focused on whether the market can defend the $60,000 area after repeated failures to hold gains above $65,000. Historical midterm-year weakness, a possible bear-pennant breakdown and looming US macro catalysts could increase downside pressure if support gives way.

Bitcoin is entering August with traders focused on whether the $60,000 area can hold after repeated failures to sustain momentum above $65,000. Weak historical seasonality, a possible bear-pennant breakdown and US macro risks are keeping downside targets in focus.