#Bitcoin falls below $75,000#
Hot Topic Overview
Overview
Recently, the Bitcoin price trend has formed a "head and shoulders" pattern, raising concerns in the market. Analysts point out that since late November 2024, the Bitcoin price trend has formed a "head and shoulders" pattern, suggesting a shift from a bullish trend to a bearish one. If the sell-off continues and the price breaks below the neckline, the bearish head and shoulders reversal pattern will be confirmed. A break below this level could signal a further decline to around $75,000. Currently, Bitcoin price has already fallen below $75,000, and the market is closely watching this development.
Ace Hot Topic Analysis
Analysis
Bitcoin's recent dip below $75,000 has sparked market attention. Analyst Omkar Godbole points out that Bitcoin's price action has formed a "head and shoulders" pattern since late November 2024, suggesting a shift from a bullish to a bearish trend. The formation of this pattern stems from the initial failed attempt to break through $100,000 in November, marking the first shoulder. Subsequently, Bitcoin's price rapidly retreated from its all-time high of $108,000 reached in the second half of December to $92,000, forming the head. The recent decline hints at the formation of the right shoulder. If the sell-off persists and the price breaks 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. This implies that Bitcoin's price may face further downside risks, and investors should closely monitor market developments.
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 Bitcoin breaks below the neckline, the bearish head and shoulders reversal pattern will be confirmed, potentially signaling a drop to around $75,000.
The first attempt to break above the $100,000 mark in November failed, marking the first shoulder.
The all-time high of over $108,000 reached in the second half of December quickly retreated to $92,000, forming the head.