Bitcoin Must Reclaim $117,570 To Avoid Double Top Risk, Veteran Trader Says

Benzinga

2025/08/28

A recent large sell order in the Bitcoin BTC/USD market has raised concerns among traders, with veteran analyst Peter Brandt highlighting its significance as a supply-driven event that could signal a ...

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sell order in the Bitcoin BTC/USD market has raised concerns among traders, with veteran analyst Peter Brandt highlighting its significance as a supply-driven event that could signal a ...</p>\n\n<a href=\"https://www.benzinga.com/crypto/cryptocurrency/25/08/47364206/bitcoin-must-reclaim-117570-to-avoid-double-top-risk-veteran-trader-says\">网页链接</a>\n\n</div>\n","source":"benzinga_hot_news","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin Must Reclaim $117,570 To Avoid Double Top Risk, Veteran Trader Says</title>\n<style 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Brandt highlighting its significance as a supply-driven event that could signal a ...</p>\n\n<a href=\"https://www.benzinga.com/crypto/cryptocurrency/25/08/47364206/bitcoin-must-reclaim-117570-to-avoid-double-top-risk-veteran-trader-says\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4588","symbol_name":"碎股","start_time":0,"source_url":"https://www.benzinga.com/crypto/cryptocurrency/25/08/47364206/bitcoin-must-reclaim-117570-to-avoid-double-top-risk-veteran-trader-says","article_id":"2562726340","we_media_id":null,"thumbnails":["https://cdn.benzinga.com/files/images/story/2025/08/27/Orman-Advises-5-Bitcoin.jpeg?optimize=medium&dpr=2&auto=webp&width=260"],"rights":{"source":"benzinga_hot_news","url":"https://www.benzinga.com/crypto/cryptocurrency/25/08/47364206/bitcoin-must-reclaim-117570-to-avoid-double-top-risk-veteran-trader-says","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2562726340","pubTimestamp":1756312080,"columns":[],"sourceInfo":{"source_id":"benzinga_hot_news","name":"Benzinga"},"weMediaInfo":null,"summary":"A recent large sell order in the Bitcoin (CRYPTO: BTC) market has raised concerns among traders, with veteran analyst Peter Brandt highlighting its significance as a supply-driven event that could signal a market top.","collect":0,"end_time":0,"defaultTopTitle":"benzinga.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4588":"碎股","BK4585":"ETF&股票定投概念","BK4594":"比特币ETF概念","BK4601":"加密货币现货ETF","BOB":"Merlyn.AI Best-of-Breed Core Momentum ETF"},"translate_title":"资深交易员表示，比特币必须收回117,570美元才能避免双顶风险","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BOB":1},"content_text":"A recent large sell order in the Bitcoin BTC/USD market has raised concerns among traders, with veteran analyst Peter Brandt highlighting its significance as a supply-driven event that could signal a market top.\nWhat Happened: Brandt noted on X that Bitcoin needs to exceed $117,570 to negate the formation of a seven-week double top pattern, a technical structure often associated with bearish reversals.\n\"Tops in markets are created by SUPPLY or DISTRIBUTION,\" Brandt stated, emphasizing the impact of the sell order while clarifying he remains neutral on Bitcoin's overall outlook. \nThe double top pattern, observed over the past seven weeks, suggests Bitcoin's failure to break through key resistance levels, potentially indicating a loss of bullish momentum. \nIf Bitcoin fails to surpass $117,570, analysts warn it could confirm the bearish pattern, leading to a possible price correction. \nRecent market dynamics, including profit-taking by long-term holders, align with this cautious outlook, as noted in a CryptoQuant analysis.\nAlso Read: Stablecoins Could Grow To $34 Trillion Market, Arthur Hayes Says\nWhy It Matters: Despite technical concerns, Bitcoin's integration into the global financial system continues to grow.\nIn a note sent to Benzinga, Dom Harz, co-founder of Build on Bitcoin (BOB), highlighted that Bitcoin exchange-traded funds (ETFs) saw $33.6 billion in inflows during Q2, reflecting its shift from a fringe asset to a mainstay in institutional portfolios. \n\"It is now deeply embedded in the global financial system, actively allocated and recommended by leading institutions,\" Harz said. \nHarz also emphasized Bitcoin's evolving role beyond a store of value. \n\"The next phase is about everyday utility: everything from enabling everyday transactions and payments, to borrowing stablecoins and other currencies against Bitcoin,\" he explained. \nHe warned that without this shift toward practical utility, Bitcoin risks becoming irrelevant, underscoring the importance of its development as financial infrastructure. \nMarket sentiment remains mixed, with some analysts dismissing fears of a double top. \nSwissblock Technologies recently argued that Bitcoin's price strength remains intact, with on-chain indicators showing no bearish divergence.\nHowever, others, like Jacob King of WhaleWire, point to historical double top patterns in 2017, 2019, and 2021 that preceded significant corrections, fueling concerns of a potential downturn.\nA decisive move above $117,570 could signal renewed bullish momentum, with some analysts eyeing targets as high as $125,000.\nRead Next: \nImage: Shutterstock","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}