#Bitcoin support level in danger#
Hot Topic Overview
Overview
Bitcoin is currently facing a risk of support levels being breached. Kim Kramer Larsson, an analyst at Saxo Bank, pointed out that if Bitcoin breaks below the support level of $90,690, it could face a larger decline, potentially dropping to $73,000. The analyst believes that Bitcoin is forming a top, meaning that the bullish trend could reverse into a bearish trend. Bitcoin is currently down about 13.2% from its all-time high, and its future direction remains uncertain.
Ace Hot Topic Analysis
Analysis
Bitcoin support levels are in danger, and analysts are pessimistic about the future. Kim Kramer Larsson, an analyst at Saxo Bank, points out that if Bitcoin breaks below the $90,690 support level, it could face a much larger decline. He believes that Bitcoin is forming a head and shoulders top pattern, a technical analysis chart pattern that suggests a reversal from an uptrend to a downtrend. Once it breaks below the $90,680 support level, Bitcoin could fall to $73,000. Other analysts have expressed similar concerns, believing that Bitcoin could lose its major support levels and plummet. They point out that Bitcoin is currently down about 13.2% from its all-time high, and the future outlook is not optimistic. Although Bitcoin rose 2.6% on Friday, the overall trend remains concerning. Analysts warn that the Bitcoin market could get worse, and investors need to be prepared for market volatility.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin could break below the $90,690 support level and face a bigger decline.
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.
Bitcoin price could get ugly and see a significant drop.