#Bitcoin falls below $75,000#

Bitcoin's recent dip below $75,000 has sparked market attention. Technical 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. This pattern consists of three parts: the first shoulder formed during the initial failed attempt to break above $100,000 in November; the head formed when prices surged to a record high of over $108,000 in the second half of December before quickly retreating to $92,000; and the recent 5% decline to near $97,000 suggests the formation of the right shoulder. If the sell-off continues and prices break 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 prices may face further downside risks, and investors should closely monitor market developments.