$BTC

Warning about Bitcoin: Critical support level at risk

The price of Bitcoin is on the brink of a significant decline. After reaching an all-time high of $108,000, it has retraced to $93,000, just above the critical support of $92,000.

This support level is increasingly weakened, as Bitcoin has tested it five times since November 2024. Each new touch reduces that support's ability to hold. A break below that level seems increasingly likely.

If Bitcoin loses $92,000, the next important support is much lower, at $74,000, which was the previous all-time high in early 2024. This would represent a drop of more than 20%.

Additionally, a bearish head and shoulders pattern is taking shape on the daily chart. If Bitcoin breaks the neck line at $92,000, this pattern will activate, pointing to a target of $75,000, which coincides with the important support of $74,000.

Although a bounce from $92,000 is still possible, the upside potential seems limited. Resistance levels would be at the recent highs of $108,000, followed by $112,500 and $116,000.

Summary:

Critical support: $92,000

Important support: $74,000

Key resistances: $108,000, $112,500, $116,000

Key technical pattern: Head and shoulders, with a target at $75,000

Conclusion: The price behavior of Bitcoin is sending warning signals. Both traders and investors should closely monitor these key levels and be prepared for a potential sharp decline.

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