#Bitcoin breaks support, could fall further#
Hot Topic Overview
Overview
Bitcoin's recent performance is not encouraging, with analysts warning of a potential break below support levels and a significant decline. Kim Kramer Larsson, an analyst at Saxo Bank, points out that if Bitcoin breaks below the $90,690 support level, it could face a drop to $73,000. He believes Bitcoin is forming a "head and shoulders pattern," a technical analysis chart pattern that suggests a reversal from an uptrend to a downtrend. Although Bitcoin rose 2.6% on Friday, its price has fallen 3.9% over the past five days and is currently down about 13.2% from its all-time high.
Ace Hot Topic Analysis
Analysis
Bitcoin's recent price action has sparked market concern, with analysts warning of a potential break below support levels and a significant decline. Kim Kramer Larsson, an analyst at Saxo Bank, pointed out that if Bitcoin breaks below the $90,690 support level, it could face a more substantial drop. He believes Bitcoin is forming a "head and shoulders" pattern, a technical analysis chart formation that suggests a reversal from an uptrend to a downtrend. If Bitcoin breaks below the support level around $90,680, it could potentially fall to $73,000. Other analysts have echoed similar sentiments, suggesting that the Bitcoin market could experience an "ugly" move. Currently, Bitcoin is down about 13.2% from its all-time high of $108,309 reached on December 17, 2024, and the market is expressing significant concerns about its future trajectory.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin could break below the $90,690 support level
After breaking below the support level, Bitcoin could face a larger decline
Bitcoin could fall to $73,000
Bitcoin is forming a head and shoulders pattern, signaling a reversal from a bullish trend to a bearish trend