Bitcoin Must Stay Above $87,200 To Avoid Falling To $69,230
A cryptocurrency analyst suggests that Bitcoin could face a drop to $69,230 if it fails to maintain support above $87,200 within its Bear Pennant pattern.
Key Points
- Bitcoin is currently trading in a Bear Pennant, a technical analysis pattern indicating potential bearish continuation.
- The critical support level for Bitcoin is around $87,200; failure to hold this may lead to a breakout towards $69,230.
- The Bear Pennant pattern suggests a move similar to the initial downward trend (the "pole") upon breaking support.
- Bitcoin recently retested the pennant's upper line at $94,000 but faced rejection, causing a retracement.
- Bitcoin's current trading price is approximately $90,400, with a slight weekly increase of over 1%.
The Active Realized Price, an on-chain metric by Glassnode indicating active investors' cost basis, is at $87,700. This suggests that these investors are in marginal profit territory.
The market will be closely watching Bitcoin's movement near these key levels to predict future trends.
Authors credited by the source: Keshav Verma
Published by Holder based on an external source.
