Bitcoin (BTC) continues its downward trend, facing selling pressure. Crossing key support levels indicates potential further price declines.
Breakdown Below Parallel Channel
Analysts note Bitcoin broke below a parallel channel, increasing the likelihood of a drop to $81,000 unless the price quickly recovers to $92,500.
BTC's price is currently around $88,000, which might serve as temporary support, but if the bearish trend continues, the next major support areas are between $84,000 and $80,000.
Head and Shoulders Pattern Suggesting Bearish Mood
Technical analysis shows a 'head and shoulders' pattern, confirmed by a neckline breach at $91,758. The 20-day exponential moving average at $96,032 also reaffirms the bearish tone.
Possible Market Scenarios and Future Outlook
Bitcoin needs to cross $91,758 to avoid a potential drop to $80,000. A rise above $96,000 could indicate a potential move to $100,000–$109,000, requiring significant buying volume.
Unless Bitcoin recovers $91,758, the probability of further decline to $84,000–$80,000 remains high.
