BEARISH 📉 : Bitcoin falls below $76,000 amid market volatility concerns

Bitcoin experienced a significant drop over the weekend, falling below $76,000 and briefly dipping through the $75,000 mark. This decline occurred amid broader market sell-offs, notably in precious metals, exacerbating volatility during a period of thin trading.

Key Insights:

Technical analyst Aksel Kibar identified a key support zone for Bitcoin between $73.7K and $76.5K.
Kibar emphasizes that reaching a support area is not an automatic buy signal; traders should look for signs of a bullish reversal pattern.
Kibar is cautious about calling a bottom without evidence of a reversal pattern such as a double bottom or head-and-shoulders formation.
A breakout above $91.2K would indicate a completed double-bottom scenario, signaling potential bullish sentiment.
Kibar stresses the importance of visible buyer activity rather than relying on single support levels.
He highlights that large buyers need ample supply to accumulate positions without impacting the price significantly.

At the time of reporting, Bitcoin traded at $76,713.

Bitcoin price chart