At press time, Bitcoin trades at $104,268, having slipped below the $105,000 support level. However, it is holding above the $100,000 which it has since May this year.
Nevertheless, the crypto king continues to trace the head and shoulders pattern, which historically precedes a bearish breakdown.
If the pattern confirms, it could result in a 13.6% drop from its neckline, pushing Bitcoin toward $89,948. Combined with weakening inflows and potential EMA crossover, the risk of a sub-$100,000 correction appears high in the short term.
However, a quick recovery could still prevent this outcome. If Bitcoin finds investor support and reclaims $105,000 as a stable floor, it could rebound toward $110,000. Surpassing this resistance would invalidate the bearish outlook and restore short-term market confidence.
Nevertheless, the crypto king continues to trace the head and shoulders pattern, which historically precedes a bearish breakdown.
If the pattern confirms, it could result in a 13.6% drop from its neckline, pushing Bitcoin toward $89,948. Combined with weakening inflows and potential EMA crossover, the risk of a sub-$100,000 correction appears high in the short term.
However, a quick recovery could still prevent this outcome. If Bitcoin finds investor support and reclaims $105,000 as a stable floor, it could rebound toward $110,000. Surpassing this resistance would invalidate the bearish outlook and restore short-term market confidence.
Leader in crypto news, award winning journalism in 26 languages.
منشورات ذات صلة
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
Leader in crypto news, award winning journalism in 26 languages.
منشورات ذات صلة
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.