Bitcoin Bear Flag Breakdown, Here Is the Next Major Support

Bitcoin (BTC) continues to show weakness. On July 14th, Bitcoin made a new all-time high intra-day and promptly reversed. This formed a bearish reversal candle called a topping tail. From the next two weeks, Bitcoin chopped sideways. This is called a bear flag. Just in the last few days, the biggest crypto by market cap broke lower.

The signals in the chart were dead-on.

As Bitcoin falls, investors should expect major support to be at $108,000. This is a former descending trend line that saw Bitcoin breakout on its latest run to the all-time high. Former resistance trendlines become support in technical analysis.

Bulls need to make a valiant stand here and keep price holding the $108,000 level. If they do, price could see new all-time highs later this year. If they cannot, price is likely heading below $100,000 and could be in a new bear market.