#Bitcoin breaks support level, could decline#
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 support level of $90,690, it could fall further to $73,000. He believes that Bitcoin is forming a “head and shoulders pattern,” a technical analysis chart pattern that suggests a bullish trend will reverse to a bearish trend. Analysts warn that Bitcoin could "get ugly" and lose major support levels. Despite Bitcoin's decline of 3.9% over the past five days, it rose 2.6% on Friday and is currently trading around $94,061, down about 13.2% from its all-time high of $108,309 reached on December 17, 2024.
Ace Hot Topic Analysis
Analysis
Bitcoin's recent price action has sparked market concerns, with analysts warning of a potential break below support levels and further declines. Kim Kramer Larsson, an analyst at Saxo Bank, pointed out that if Bitcoin breaks below the $90,690 support level, it could face a steeper decline, potentially dropping as low as $73,000. He analyzed that Bitcoin is forming a "head and shoulders pattern," a technical analysis chart formation that signals a reversal from an uptrend to a downtrend. The analyst also stated that Bitcoin is currently down about 13.2% from its all-time high of $108,309, reached on December 17, 2024, and has fallen 3.9% over the past five days, although it gained 2.6% on Friday. The market generally believes that if Bitcoin breaks below support, its downtrend will intensify, and investors need to pay close attention to market dynamics.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin may break below the $90,690 support level
After breaking below the support level, Bitcoin may face a larger decline
Bitcoin may drop to $73,000
Bitcoin is forming a top, and the bullish trend may reverse to a bearish trend