The post Bitcoin (BTC) Bearish Trends Spark Market Fear – Price Action Analysis appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) is continuing to experience some bearish price action, and it could be about to go under $91,000, a price level it hasn’t seen since late November 2024. Is this the beginning of a much bigger price dip, or can the bulls still save the day? Market sentiment for Bitcoin is generally cautious, and bordering on fear. All it may take for a mass rush for the exits is a steep dive below $91,000. Should this happen, and the price also confirms below the long-time ascending trendline going back to 2021, things could become very interesting. So what is the prevailing view across social media? Many analysts are advising to take profits, and some are warning as to the holding of Bitcoin and altcoin positions, given the peak and subsequent roll over of the $BTC price. Head and shoulders pattern – is the writing on the wall? Source: TradingView A head and shoulders pattern does look to be playing out. It just remains to be seen if the price will confirm below the neckline, which it has just sunk below at time of going to press. Obviously, there is still the rest of the day for the price to go in one direction or the other, and a daily candle confirming below is probably the minimum needed to know whether this pattern is going to continue or be invalidated. Descending triangle? Another factor to the advantage of the bears is that the price action may also be starting to form a descending triangle. This is where the price makes a series of lower highs, while the lows remain relatively constant. Therefore, even if the bulls can avoid a price dip now, a continuance of sideways price action could lend itself to this particular outcome. A measured move for either…

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Filed under: News - @ January 13, 2025 10:17 pm