Recently, I’ve been watching the hourly chart of CME’s BTC futures and noticed a rather typical ascending wedge pattern. You should know that if this pattern appears during a downtrend, it often means the decline isn’t over—in short, it’s a continuation signal.

From a technical perspective, the resistance at the upper edge of this wedge is around $95,000. If the price rallies to this level and then pulls back, it basically confirms the continuation of the downtrend. In the short term, it’s important to focus on how the price reacts to this resistance level.