Bitcoin Price Crash Trigger To $96,000: The Head And Shoulders Pattern That’s Forming
Bitcoin has recently fallen below the $105,000 mark, dropping to around $101,000 after facing bearish pressure and profit-taking. Technical analysis indicates a potential head and shoulders pattern forming, suggesting a possible decline toward $96,000. This pattern features a peak (head) from mid-May with two lower highs (shoulders) and a neckline acting as support. A break below this neckline, especially with strong volume, could trigger a downward move to approximately $96,054, representing an 8% drop from current levels. Bitcoin's daily RSI is around 50, indicating a potential bearish momentum shift if it falls below this midline. The cryptocurrency has lost support levels at $110,000, $107,000, and $105,000, with the next critical level at $103,000. Currently trading at $103,250, Bitcoin is testing the neckline resistance; failure to hold could lead to further declines and impact other cryptocurrencies.
