Traders believe that Bitcoin has failed to break the long-term downtrend line, issuing a bearish warning for a double top pattern

ChainCatcher news, Bitcoin continues its previous downward trend, dipping to $83,387. During the same period, U.S. stocks faced intensified sell-offs, with the Dow Jones plummeting 700 points and the S&P 500 index dropping 112 points, evaporating a trillion dollars in market value in a single day. The market attributes the panic to the February core PCE price index unexpectedly rising to 2.8%, compounded by the Trump administration's announcement of a 25% tariff on imported cars, creating a chain reaction in the market.

On the technical front, a double top pattern has triggered a sell warning. Trader Peter Brandt has issued a warning that the BTC daily chart has formed a "bearish wedge," with the double top pattern establishing a target of $65,635. Crypto trader HTL-NL agrees with Brandt's view, believing that Bitcoin's failure to "break" the long-term downtrend line and confirm the bearish wedge pattern is evidence that BTC is likely to revisit its range low, technically confirming a continuation pattern for the decline.