Bitcoin Price Drops Below $105,000, Head and Shoulders Pattern Emerges
Bitcoin has seen a decline, losing support around $105,000 and dropping to approximately $101,000. A potential head and shoulders pattern suggests further risk of a price drop to about $96,000.
Key Points
- Bitcoin is trading at $103,250, testing key support levels.
- A bearish head and shoulders formation could lead to a near 8% drawdown.
- Current support levels of $110,000, $107,000, and $105,000 have been breached.
- The next significant support zone is at $103,000; failure to hold may push Bitcoin to $101,000.
- Daily RSI is around 50, indicating potential bearish momentum if it drops below this level.
A break below the neckline of the head and shoulders pattern, currently around $103,500, could confirm a bearish trend and impact other cryptocurrencies.
