#Bitcoin falls below $75,000#
Hot Topic Overview
Overview
Recently, the Bitcoin price has formed a "head and shoulders" pattern, raising concerns in the market. Analysts point out that this pattern suggests a shift from a bullish trend to a bearish one. If the sell-off continues and the price breaks below the neckline, the bearish head and shoulders reversal pattern will be confirmed. Breaking below this level could signal a further decline to around $75,000. This news has drawn market attention, and investors need to closely monitor Bitcoin price movements and be prepared to manage risks.
Ace Hot Topic Analysis
Analysis
Bitcoin's recent price action has sparked market attention, with analysts pointing to a potential "head and shoulders" pattern, signaling a potential sell-off risk. Since late November 2024, Bitcoin's price action has exhibited a "head and shoulders" pattern, a technical indicator that typically suggests a bullish trend is about to reverse into a bearish one. Analysts believe the first shoulder formed when the price failed to break above $100,000 in November. Subsequently, a rapid decline from the all-time high of over $108,000 reached in the second half of December to $92,000 formed the head. The recent 5% price drop to near $97,000 suggests the formation of the right shoulder. If the sell-off continues and the price breaks below the horizontal trendline (neckline) connecting the bottoms of the two shoulders, the bearish head and shoulders reversal pattern will be confirmed, potentially signaling a further decline in Bitcoin's price to around $75,000.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin price action may be forming a 'head and shoulders' pattern, suggesting a bullish trend is about to turn bearish.
If Bitcoin price breaks below the neckline, the bearish head and shoulders reversal pattern will be confirmed, potentially signaling a further drop to around $75,000.
The first attempt to break above $100,000 in November failed, marking the first shoulder formation.
The all-time high of over $108,000 reached in the second half of December quickly retreated to $92,000, suggesting the formation of the head.