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Bitcoin ( BTC ) recent trends have attracted market attention. Currently, we need to closely observe the performance of the key support level around $11,580. If the price finds effective support at this level and rebounds upwards, it could form a bullish cup and handle pattern, which is essentially a type of bull flag pattern.
However, if the price directly breaks below this key support level, the possibility of a cup and handle pattern will be eliminated. In this case, we may need to interpret the current trend as a head and shoulders bottom pattern.
For traders, if the latter situation occurs, the best strategy is to patiently wait for the confirmation of the right shoulder. This will provide clearer guidance for the future price direction.
Overall, whether it's a cup and handle or a head and shoulders bottom, the support level at $11,580 will be key in determining the short-term trend. Investors should stay vigilant and closely follow market reactions at this price level to adjust their trading strategies in a timely manner.