According to BlockBeats, on March 29th, Bitcoin continued its previous decline and fell to $83387. During the same period, the sell-off in the US stock market intensified, with the Dow Jones Industrial Average plummeting 700 points and the S&P 500 index plummeting 112 points, evaporating trillions of market value in a single day. The market attributed the panic to the unexpected rise of the core PCE price index to 2.8% in February, coupled with the Trump administration's announcement of a 25% tariff on imported cars, causing a chain reaction to the market.
Technically, the double top pattern triggered a sell-off warning, and legendary trader Peter Brandt issued a warning. The BTC daily chart has formed a "bear market wedge", and the double top pattern has established a target level of $65635. Cryptocurrency trader "HTL-NL" agrees with Brandt's viewpoint, believing that Bitcoin's failure to "break" the long-term downtrend line and confirm the bear market wedge shape is evidence that BTC is about to hit its interval low again, technically confirming the downtrend relay pattern.
