#Bitcoin falls below $75,000#
Hot Topic Overview
Overview
Bitcoin has recently formed a "head and shoulders" pattern in technical indicators, which analysts believe signals a shift from a bearish to a bullish trend. The formation began with the first failed attempt to break through the $100,000 mark in November, followed by the head formation, a rapid decline from the all-time high of over $108,000 set in the second half of December to $92,000. The recent 5% drop to near $97,000 suggests the formation of the right shoulder. If the sell-off continues and the price breaks below the neckline, the bearish head and shoulders reversal pattern will be confirmed, and a break below this level could signal a further decline to around $75,000.
Ace Hot Topic Analysis
Analysis
Bitcoin's recent dip below $75,000 has sparked market attention. Technical analyst Omkar Godbole points out that Bitcoin's price action has formed a "head and shoulders" pattern since late November 2024, suggesting a potential shift from a bullish trend to a bearish one. The formation of this pattern stems from the initial failure to break above $100,000 in November, marking the first shoulder. Subsequently, Bitcoin's price rapidly retreated from its all-time high of over $108,000 in the second half of December to $92,000, forming the head. The recent drop to $97,000 hints at the formation of the right shoulder. If the sell-off persists and the price breaks below the horizontal trendline (neckline) connecting the bottoms of the two shoulders, it would confirm the bearish head and shoulders reversal pattern, potentially signaling a further decline in Bitcoin's price to around $75,000.
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Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin price action may be forming a 'head and shoulders' pattern, suggesting a bullish trend is about to turn bearish.
If Bitcoin price breaks below the neckline, the bearish head and shoulders reversal pattern will be confirmed, potentially signaling a further drop to around $75,000.
Bitcoin price first attempted to break above the $100,000 mark in November, failing to do so, marking the first shoulder formation.
Bitcoin price quickly retreated from its all-time high of over $108,000 in the second half of December to $92,000, forming the head.