Technical analysis by traderchamp_ about Symbol BTC: Sell recommendation (2/3/2025)

#Bitcoin is showing potential for downside momentum if the price confirms a breakout below key support. A confirmed breakdown could lead to a retracement toward the 200 EMA, aligning with a possible 38% Fibonacci correction. The double top formation has intensified bearish sentiment, pushing the price below $95K. Additionally, fair value gaps on the left indicate that if selling pressure increases, the price could dip below $80K. The trendline drawn on the daily timeframe is also acting as a crucial support level to watch. The market has been struggling, with panic setting in due to recent developments. This aligns with escalating trade tensions, driven by Donald Trump’s decisive actions regarding Canada and BRICS. Key events contributing to market uncertainty include the latest tariffs imposed on Canadian goods, potential restrictions on trade with BRICS nations, and heightened geopolitical friction. These factors have intensified volatility, prompting investors to reassess risks in the global economy.