#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 stems from Bitcoin's failed attempt to break through $100,000 in November, followed by a rapid decline from its all-time high of over $108,000 in the second half of December to $92,000, and finally settling near $97,000, suggesting 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, suggesting a shift from a bullish trend to a bearish one. The formation began in late November when Bitcoin first failed to break through the $100,000 mark, marking the first shoulder. Subsequently, Bitcoin prices rapidly retreated from their all-time high of over $108,000 in the second half of December to $92,000, forming the head. Recently, Bitcoin prices have fallen 5% to near $97,000, hinting at the formation of the right shoulder. If the sell-off continues and prices break below the neckline (the horizontal trendline connecting the bottoms of the two shoulders), the bearish head and shoulders reversal pattern will be confirmed. A break below this level could signal a further decline to around $75,000.
Public Sentiment · Discussion Word Cloud
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 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 suggest a further decline to around $75,000.
Bitcoin's first attempt to break above $100,000 in November failed, marking the first shoulder formation.
Bitcoin's all-time high of over $108,000 in the second half of December quickly retreated to $92,000, forming the head.