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Bitcoin hovers above $109K, with a double-top pattern hinting at a possible correction.  As Bitcoin remains near the psychological level of $110,000, short-term price action suggests a double-top reversal. Could increasing market greed fuel a pullback below $106,000? Market Sentiment Hits Greed Phase According to a recent tweet by Darkfost, a crypto analyst, the Crypto Fear and Greed Index has entered the greed phase. Historically, extreme greed in this index often signals a local top. However, it can also reflect increased optimism for strong Bitcoin performance. 📊 I’m sure you’re starting to feel it, the greed sentiment is settling in across the market, with a rising hope for a strong performance from ETH in particular. Looking at the Fear and Greed index chart, we can clearly see that we’ve entered the Greed phase.⁰👉🏼 This isn’t… pic.twitter.com/NXgU3bo1nL — Darkfost (@Darkfost_Coc) June 11, 2025 Bitcoin Price Analysis On the 4-hour time frame, Bitcoin’s price shows a bullish attempt to maintain dominance above the $100,000 mark. This has led to a sideways trend, with local support forming above the $109,000 level. Bitcoin price chart However, the price action suggests a double-top pattern, with the neckline at the $109,000 mark. A potential dip below this level could lead to an extended correction. A bearish divergence in the RSI also supports the possibility of a gradual decline. According to trend-based Fibonacci levels, a potential reversal could test the 23.60% Fibonacci level at $105,905, indicating a downside risk of over 3% if sellers regain control. On the flip side, a breakout above the 50% Fibonacci level at $110,664 could extend the bullish trend toward a new all-time high. The 100% Fibonacci level, just below $120,000, remains a potential price target. Bullish Sentiment Declines in BTC Derivatives As technical analysis points to a possible correction, bullish sentiment…

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Filed under: News - @ June 12, 2025 1:21 am