The post Bitcoin Must Maintain This Level To Avoid Bearish Dominance: Analyst appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) started 2025 with high expectations after its record-breaking performance in 2024, but analysts are warning that BTC is currently at a critical point. Omkar Godbole, a leading market analyst, warned that Bitcoin needs to hold onto the December low of $91,186 to avoid confirming the downtrend. Bitcoin surpassed its all-time high of $108,000 in December 2024, but its price fell sharply to close the month below $94,000, its first monthly loss since August. The price action formed a classic bearish signal, the “shooting star” candlestick pattern on the monthly chart. This formation is characterized by a long upper wick, reflecting a significant price rejection near the highs, and a small body near the open and close prices. Bitcoin’s upper wick was almost four times the size of its body, suggesting that sellers took control after buyers initially pushed the price higher. “The shooting star signals a renewed bearish trend in the market, especially after Bitcoin’s sharp rally from $70,000 to over $100,000,” Godbole said. According to Godbole, Bitcoin bulls must defend the December low at $91,186. A break below this support would confirm a downtrend reversal and potentially lead to further declines. Historical data also shows that similar formations with long upper wicks signal major bull market tops. *This is not investment advice. Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data! Source: https://en.bitcoinsistemi.com/bitcoin-must-maintain-this-level-to-avoid-bearish-dominance-analyst/

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Filed under: News - @ January 4, 2025 2:24 pm