Is Bitcoin Price Returning To $74,000? Analyst Identifies Pattern That Suggests So
Summary
Bitcoin experienced significant price fluctuations, reaching a six-month low of $74,000 before recovering to above $83,000 following President Trump's trade tariff pause. Despite this recovery, a crypto analyst warns of a potential correction due to a "double top" pattern forming on the hourly chart, indicating possible trader exhaustion. This pattern suggests that if Bitcoin fails to surpass the $84,000 resistance, it may drop again, potentially reaching around $74,000. A support level at $78,000 is crucial; a close below this could lead to a deeper decline. Currently, Bitcoin is priced at approximately $83,800, reflecting a 5% increase in the last 24 hours.
