Bitcoin Price Analysis: BTC Faces a Turnaround and Drops Below the $95000 Mark

Bitcoin price faced a turnaround and dropped below the $95000 mark. This erased over 7% of its value within the last 48 hours.

Bitcoin price analysis: BTC price faces a decline and drops below $95,000

Bitcoin price has dropped significantly in the past 48 hours. The token erased over 7% of its value and approached the crucial support level.

Moreover, renowned financial analyst Peter Brandt highlighted a bearish head and shoulders pattern on the BTC price chart. If the pattern is confirmed, the Bitcoin price could drop to $73,000 soon.

Bitcoin was trading at $93,600 at press time, noting a decline of over 2.30% in the last 24 hours. Its market cap has fallen to $1.84 Trillion.

Bitcoin Price at Risk? Brandt Notes Head and Shoulders Pattern

Financial analyst Peter Brandt took to Twitter (NYSE:TWTR) on X and signaled caution. He speculated about the formation of the head and shoulders pattern on the Bitcoin chart. However, the pattern is yet to be fully ornamented, and its completion could lead to a massive price decline.

“The daily chart is tracing out a head-and-shoulders top. This pattern might take prices to $73,000, or it might morph into something else,” he said.

Crypto analyst Ali Martinez highlighted that the Bitcoin price has dropped below a crucial barrier of $95,400 to $98,400. According to him, this zone was an active one earlier, at which around 1.77 million addresses purchased 1.53 million BTC.

The disintegration of this level has created additional downside risk to the coin. Once the price falls to $91,200, the level could act as vital support. Furthermore, a break below could pave the way to $74000.

Data from Alphractal revealed that BTC’s short-term holders (STH) are rather liquidating their holdings than accumulating. Also, the waning investor confidence aligns with the decline in the accumulation trend.

Over the past seven days, BTC daily active addresses have noted a significant drop of over 2.20% to 955,682. This replicates declining investor confidence amidst the recent price decline.

Bitcoin Price Analysis: What to Expect Next?

From the daily chart analysis, the Bitcoin price has declined by over 8% in the past three days. The token dropped below the 50-day EMA mark, suggesting increasing selling pressure.

However, it was edging closer to the crucial support zone of $91,000, which could decide the next move. A rebound could be seen if the Bitcoin price succeeds in holding the decline around $91k.

A decline below the mark could intensify the ongoing selling pressure. Moreover, it could open the doors toward $78,000 for the short term.

Data from Coinglass indicated that aggressive shorts had been added on significant exchanges. On Binance, long contracts have declined to 47%, while shorts have surged to 53%. This implied a bearish outlook.

The immediate support of $91,000 was a make-or-break level for BTC. At the same time, a cross above $96,000 could resume the upward rally and negate the bearish pressure.

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading