#Bitcoin Breaks $90,690, Could Be Headed for a Big Drop#
Hot Topic Overview
Overview
Bitcoin is currently facing a risk of decline. Saxo Bank analyst Kim Kramer Larsson pointed out that if Bitcoin breaks below the $90,690 support level, it could face a larger decline, potentially falling to $73,000. He believes Bitcoin is forming a "head and shoulders" pattern, a technical analysis chart formation that signals a reversal from an uptrend to a downtrend. Although Bitcoin rose 2.6% on Friday, it has fallen 3.9% in the past five days and is down about 13.2% from its all-time high.
Ace Hot Topic Analysis
Analysis
Bitcoin's recent price action has sparked market attention, with analysts warning of a potential sharp decline. Kim Kramer Larsson, an analyst at Saxo Bank, points out that Bitcoin is forming a "head and shoulders" pattern, a technical analysis chart pattern that suggests a reversal from an uptrend to a downtrend. If Bitcoin breaks below the support level of around $90,680, it could face a drop to $73,000. Analysts believe that Bitcoin could lose major support and plummet, with a bleak outlook for future price action.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin may break below the support level of $90,690
After breaking below the support level, Bitcoin may face a larger decline
Bitcoin may form a head and shoulders top pattern, signaling a reversal from a bullish trend to a bearish trend
Bitcoin may fall to $73,000