Bitcoin Price Crash Trigger To $96,000: The Head And Shoulders Pattern That’s Forming

Bitcoin is facing bearish pressure after fluctuating around $105,000, with recent drops pushing it towards a lower support level. Technical analysis suggests a potential head and shoulders pattern is forming on the daily chart, indicating a possible price crash. This pattern, if completed, could lead to a breakdown towards $96,000, according to analysts. The neckline of this pattern, currently acting as support, is being tested. A break below this neckline with strong volume could trigger a significant downward move. The daily RSI is also around a key level, potentially signaling a shift in momentum if it drops further. A drop to $96,000 would reverse the recent bullish trend, where Bitcoin reached new all-time highs. Bitcoin has already lost key support levels and is now pressured at $103,000, with $101,000 as the next crucial support. The neckline of the head and shoulders pattern is around $103,500, a level that Bitcoin recently broke below. Bitcoin is currently testing this neckline from below, and its reaction will determine the next price direction. If sellers take control, a crash to $96,000 could trigger a wider market sell-off.