#Bitcoin breaks support, could see a sharp decline#

Bitcoin is currently facing downside risks, with analysts widely believing it could break below its support level and decline sharply. 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 even dropping to $73,000. He analyzed that Bitcoin is forming a “head and shoulders” pattern, a technical analysis chart pattern that suggests a reversal from an uptrend to a downtrend. This means Bitcoin may have peaked and is likely to enter a period of decline. Additionally, other analysts have expressed similar concerns, suggesting that Bitcoin could “get ugly” and lose its key support levels. Despite declining 3.9% in the past five days, Bitcoin rallied 2.6% on Friday, currently trading at around $94,061, but still 13.2% below its all-time high. Therefore, investors need to closely monitor Bitcoin’s movements and be prepared for potential downside risks.