#Bitcoin breaking below support could signal a decline.#
Hot Topic Overview
Overview
Bitcoin is currently facing downside risks, with analysts warning of a potential break below support and a sharp decline. Saxo Bank analyst Kim Kramer Larsson pointed out that if Bitcoin breaks below the $90,690 support level, it could fall to $73,000. He believes Bitcoin is forming a “head and shoulders pattern,” a technical analysis chart pattern that suggests a shift from a bullish trend to a bearish trend. Although Bitcoin has fallen 3.9% over the past five days, it rose 2.6% on Friday, currently trading around $94,061, but still 13.2% below its all-time high.
Ace Hot Topic Analysis
Analysis
Bitcoin's recent price action has sparked market concerns, with analysts warning of a potential breakdown below support levels, leading to a significant drop. Kim Kramer Larsson, an analyst at Saxo Bank, pointed out that if Bitcoin breaks below the $90,690 support level, it could face a more substantial decline, potentially reaching as low as $73,000. He believes that Bitcoin is forming a "head and shoulders" pattern, a technical analysis chart pattern that suggests a reversal from a bullish trend to a bearish trend. The analyst believes that breaking below the $90,680 support level would further validate this bearish trend. While Bitcoin has declined 3.9% over the past five days, it gained 2.6% on Friday, currently trading around $94,061. This represents a drop of approximately 13.2% from its all-time high of $108,309, reached on December 17, 2024.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bitcoin could fall below the $90,690 support level.
After breaking below the support level, Bitcoin could face a more significant decline, potentially falling to $73,000.
Bitcoin is forming a top according to the so-called head-and-shoulders pattern, which is a chart pattern that predicts a reversal of an uptrend to a downtrend.
The downward trend in Bitcoin prices could intensify.