Bitcoin (BTC) has experienced a significant correction recently, evaporating $6,000 in just one night. Technical analysis shows that it may enter a "head and shoulders" pattern. Once it falls below key support, it may trigger deeper selling pressure, down to 7.5 million dollar range. (Preliminary summary: The first Bitcoin tax evasion conviction in the United States! The court ordered the handover of US$124 million in BTC private keys and was sentenced to 2 years in prison) (Background supplement: Bitcoin dropped by US$96,000, Huida fell by 6% and US stocks collapsed , the Federal Reserve may only cut interest rates once this year?) Bitcoin fell from the US$100,000 level to US$96,000 last night as the US stock market fell. After a few hours of shock, it fell to US$95,183 again at around 2 o'clock. It has not yet There is a clear reversal trend. In this regard, CoinDesk market analyst Omkar Godbole said: Bitcoin (BTC) has experienced a significant correction recently, evaporating $6,000 in just one night. Technical analysis shows that it may have entered a "head and shoulders" pattern. Once it falls below key support, it may Triggering deeper selling pressure: First shoulder formation: Bitcoin formed a "shoulder" position for the first time after its failed attempt to break through the $100,000 level in early November. Head appears: The price then reached an all-time high of $108,000 in late December, but quickly fell back to $92,000, forming a "head." The second shoulder emerges: the price has fallen back again recently, reaching as low as $97,000, forming the prototype of the right shoulder. The analysis pointed out that the current neckline support level of Bitcoin is approximately $91,500. Once the price falls below this level, a "head and shoulders" pattern may be confirmed, triggering a technical sell-off with a possible target price as low as $75,000. TradingView Neckline support is key, and measured decline shows potential target The "measured decline method" in technical analysis states that the target price of this pattern is the vertical distance from the "head" to the "neckline" and then extends downward from the neckline . According to this calculation method, if the neckline falls, it is predicted that the Bitcoin price may further bottom out to $75,000. However, analysts also cautioned that the predictive power of technical charts is limited and the market may still reverse due to external factors. Bitcoin, for example, is up more than 50% since November, so a short-term pullback doesn't necessarily mean a reversal in the long-term trend. Related reports: First Bitcoin tax evasion conviction in the United States! The court ordered the handover of US$124 million BTC private keys and was sentenced to 2 years in prison. Bitcoin dropped by US$96,000, Huida plunged 6% and US stocks crashed. Is the Federal Reserve likely to cut interest rates only once this year? The probability of Trump establishing Bitcoin reserves within 100 days of taking office has dropped to 31%, and there are two possible ways. "Bitcoin's "Head and Shoulders" pressure is taking shape. Analyst: If key support fails, it may fall to $75,000." This article originally appeared Published on BlockTempo (Dong District Dongzhi - the most influential blockchain news media).

#BTC