Bitcoin’s recent correction has been significant, and it may enter the “head and shoulders” pattern warning zone
Recently, the correction trend of Bitcoin has become more and more obvious, and market observers point out that it may have formed a potential "head and shoulders top" technical pattern. Currently, the key support level of the neckline of this pattern is about $91,500. If the price of Bitcoin unfortunately falls below this level, it may formally establish the "head and shoulders top" pattern and trigger a series of technical selling behaviors, and its target price may be directly below $75,000.
Ethereum is currently holding steady around $3,200
It had previously fallen below $3,200, hitting a low of $3,208, but then began to rebound, rising to $3,342 before press time, with the decline narrowed to 1.61% within 24 hours.
$570 million liquidated in the past 24 hours
On the other hand, according to Coinglass data, in the past 24 hours, the amount of liquidation in the cryptocurrency market reached $574 million, of which long orders accounted for the majority, reaching $438 million, and short orders accounted for $136 million. In total, more than 212,000 accounts were liquidated.
Matrixport published a report on social platform X: Trump's inauguration may lead to tighter US dollar liquidity, and Bitcoin may enter a short-term consolidation
Yesterday, Matrixport, a cryptocurrency financial services platform, published a research report on the social platform X. The report pointed out that with the inauguration of Trump, global dollar-led liquidity has shown a tightening trend, which may put some pressure on Bitcoin's market performance.
Historical data mentioned in the report shows that fluctuations in global liquidity usually predict the trend of Bitcoin prices about 13 weeks in advance. In view of the continued strengthening of the US dollar after Trump's inauguration, which has led to a global liquidity crunch, Matrixport predicts that Bitcoin may enter a consolidation phase in the short term.
However, Matrixport also emphasized that although Bitcoin may face consolidation pressure in the short term, from a long-term perspective, Bitcoin still shows positive growth potential, indicating that this consolidation period may be temporary.
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