#Bitcoin may break below support.#
Hot Topic Overview
Overview
Bitcoin is currently facing the risk of breaking below support levels, a cause for concern among analysts. Saxo Bank analyst Kim Kramer Larsson pointed out that if Bitcoin breaks below the support level of $90,690, it could face a more significant decline, potentially dropping to $73,000. He believes that Bitcoin is forming a "head and shoulders" pattern, a technical analysis chart pattern that suggests a reversal from an uptrend to a downtrend. Despite a 3.9% decline in the past five days, Bitcoin rose 2.6% on Friday, currently trading around $94,061, but still 13.2% below its all-time high.
Ace Hot Topic Analysis
Analysis
Bitcoin's recent price movements have drawn market attention, with analysts predicting 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 analyzed that Bitcoin is forming a "head and shoulders pattern," a technical analysis chart pattern that predicts a reversal from an uptrend to a downtrend. If Bitcoin breaks below the support level of around $90,680, it could fall to $73,000. Other analysts have echoed similar sentiments, suggesting that the Bitcoin market could witness an "ugly" move. Despite a 3.9% decline over the past five days, Bitcoin rose by 2.6% on Friday, trading at around $94,061. It currently sits about 13.2% lower than its all-time high of $108,309 reached on December 17, 2024.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin could break below the support level of $90,690, If it breaks below the support level, Bitcoin could face a bigger decline, even falling to $73,000, Bitcoin is forming a head and shoulders pattern, which is a technical analysis chart pattern that predicts a reversal from an uptrend to a downtrend, Bitcoin prices could see a significant decline, The situation could become severe