12 hour ago
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Bitcoin Price Drops to $98,000 Amid Market Uncertainty
Bitcoin's price has fallen toward $98,000, continuing a downtrend that mirrors October's performance. The decline is linked to market uncertainty, especially after the U.S. government shutdown ended.
Technical Analysis & Potential Downside
- Ali Martinez suggests a head-and-shoulders pattern in Bitcoin's chart, indicating a potential drop to $83,000, which would be an additional 15% decline.
- Bitcoin has dropped below its 200-day simple moving average (SMA), a historically significant support level during bullish cycles.
- A break below this SMA in bear markets often leads to substantial declines, with a possible dip under the realized price of $56,200, suggesting a further 42% decrease from current levels.
Outlook and Market Sentiment
- Despite potential bullish catalysts like increased liquidity and interest rate cuts, the outlook remains bearish, hinting at a looming "crypto winter."
- Currently, BTC trades at $98,150, marking a nearly 13% loss over the past 30 days and leaving only a 9% gain for the year.
