Bitcoin prices remain under pressure amid recent trends and chart analyses. Let's explore the key levels and prospects.
Current Market Situation
After reaching an all-time high of $108,353, Bitcoin's price has dropped below $92,000. This decline has raised concerns among analysts who are watching for the formation of a bearish head and shoulders pattern.
Head and Shoulders Pattern Analysis
Some analysts, including Aksel Kibar, are setting a target of $80,000 if the head and shoulders pattern is confirmed. This prediction is based on an observation of the chart that suggests further price decline.
$94,000 Level and Its Significance
According to Skew, the $94,000 level is critical. Holding this level will allow the market to avoid prolonged decline. Recent short positions indicate the expectation of an immediate breakdown if the level cannot hold.
Closing above $94,000 is vital for protecting Bitcoin's current price range, countering selling pressure, and mitigating a bearish scenario.
