#Bitcoin falls below $75,000#
Hot Topic Overview
Overview
Bitcoin's recent price action has formed a "head and shoulders" pattern in technical indicators, which analysts believe signals a shift from a bearish to a bullish trend. The formation of this pattern stems from Bitcoin's initial failed attempt to break through the $100,000 mark in late November 2024, 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 a 5% drop to 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 drop 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. This pattern consists of three parts: the first shoulder formed when the initial attempt to break through the $100,000 mark failed in late November; the head formed when the price surged to a record high of $108,000 in mid-December before quickly falling back to $92,000; and the right shoulder formed when the price recently broke below $97,000. If the sell-off continues and the price breaks below the horizontal trend line (neckline) connecting the bottoms of the two shoulders, the bearish head and shoulders reversal pattern will be confirmed, potentially signaling a further decline in Bitcoin 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 set in the second half of December to $92,000, forming the head.