Bitcoin is trading near $97K, and its next move depends on key levels at $92K and $100K.
A break below $92K may lead to heavy dumping pressure, pushing the coin toward $78K in the coming days.
Closing above $100K could invalidate downside developments and potentially set the coin on a new rising trend.
Bitcoin is at risk of a revenue drop after analysts identified a cautionary head-and-shoulders structure on its chart. The crypto is trading at $97,669, which represents a slight 0.59% decline in the past day. This technical pattern shows a probable correction that could send it down to $78,000 if levels fail to hold.
Source: Ali Charts
Renowned crypto forecaster Ali pointed out this bearish setup in a recent analysis. The head-and-shoulders arrangement shows three distinct peaks, with the middle peak higher than the others.
This design suggests that Bitcoin may reverse its trend if the neckline, which sits at $92,000, is broken. He explained that a drop below this mark could cause sell-offs, leading to the projected target of $78,000.
Resistance at $100,000 Remains Crucial for a Rebound
The current trading setup for Bitcoin revolves around two key levels: $92,000 as a support and $100,000 as a resistance. Bitcoin needs to break through $100,000 decisively to invalidate the bearish pattern and regain bullish momentum.
However, failing to hold above $92,000 could result in a 14% price drop, based on the pattern's projected move. This makes the next few days critical for determining the cryptocurrency’s immediate price trajectory. Analysts have emphasized that these levels will play a significant role in shaping Bitcoin's immediate market performance.
Mixed Reactions Divide Traders and Market Participants
Ali’s analysis has sparked a wide range of opinions among investors and traders. Some traders remain confident in its resilience, while others are preparing for a possible drop.
BitcoinBullMF dismissed the possibility of a decline below $90,000 this year, expressing confidence in the coin's upward potential. On the other hand, Rbco356 agreed with the outlook, citing additional negative indicators such as weakening momentum and technical patterns.
The post Bitcoin’s Key Levels Signal $78K Drop or Bullish Recovery appeared first on Crypto News Land.
