The recent rebound in the crypto market at the start of the year has taken a step back as Bitcoin dropped from $100,000 to $94,000. An analyst has a cautiously bullish outlook for BTC's price but also points out potential bearish concerns. The analyst notes that BTC has breached a head-and-shoulders pattern, which could trigger a correction to $78,000. The analyst suggests that selling pressure could force holders to sell BTC and warns of a potential steep drop if BTC falls below $92,000. On the technical side, there is a buy signal on Bitcoin's 4-hour chart and traders on Binance are leaning bullish on Bitcoin. To reverse the bearish outlook, Bitcoin needs to reclaim $100,000 and set its sights on new all-time highs. Currently, Bitcoin is trading at $94,500.



Other News from Today