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

ChainCatcher reports that Bitcoin continues its previous downward trend, probing $83,387. Concurrently, the sell-off in U.S. stocks intensified with the Dow Jones plummeting 700 points and the SP 500 index severely falling by 112 points, evaporating trillions of market value in a single day. The market attributes this panic to February's core PCE price index unexpectedly climbing to 2.8%, coupled with Trump administration's announcement of imposing a 25% tariff on imported cars, causing a chain reaction impact on the market.

On the technical front, double top formation triggers selling warning. Trader Peter Brandt issued a warning that BTC daily chart has formed a "bearish wedge", establishing $65,635 as target position for double top pattern. Crypto trader HTL-NL agrees with Brandt's view and believes that Bitcoin’s failure to “break” long-term downtrend line and confirm bearish wedge pattern is evidence that BTC will touch its range low point again; technically confirming continuation pattern of decline.