BTC 'Head and Shoulders' pressure forming, analyst: if key support is lost, it may drop to $75,000

BTC (BTC) has experienced a significant pullback recently, evaporating $6,000 overnight. Technical Analysis suggests that it may enter a 'head and shoulders' pattern. Once it falls below the key support level, it could trigger deeper dumping pressure, testing the range of $75,000. (Recap: The first case of tax evasion conviction in the U.S.! The court ordered to surrender $124 million BTC Private Key and sentenced to 2 years in prison) (Background: BTC price drops to $96,000, Nvidia plunges 6%, dragging down U.S. stocks, Fed may only cut interest rates once this year?) Bitcoin plummeted from the $100,000 mark to $96,000 last night along with the drop in U.S. stock prices. After oscillating for a few hours, it dipped again to $95,183 earlier this morning without showing a clear reversal trend. Market analyst Omkar Godbole from CoinDesk commented on this, stating that BTC (BTC) has seen a significant pullback recently, evaporating $6,000 overnight. Technical Analysis indicates that it may have entered a 'head and shoulders' pattern. Once it falls below the key support level, it could trigger deeper dumping pressure: First shoulder formed: After failing to break the $100,000 mark in early November, BTC formed the first 'shoulder.' Head formation: The price then reached a historical high of $108,000 in late December but quickly fell back to $92,000, forming the 'head.' Second shoulder emerges: The price recently fell again, touching a low of $97,000, forming the outline of the right shoulder. The analysis points out that the neckline support level for BTC is around $91,500. If the price falls below this level, it could confirm the 'head and shoulders' pattern, triggering technical dumping, with the target price potentially testing $75,000. The neckline support from TradingView is crucial. The measurement of the fall indicates potential targets. The 'measurement of fall method' in Technical Analysis indicates that the target price of this pattern is the vertical distance from the 'head' to the 'neckline,' then extended downward from the neckline. Therefore, if the neckline is breached, the predicted BTC price could further test $75,000. However, the analyst also cautions that the predictive ability of technical charts is limited, and the market may still reverse due to external factors. For example, BTC has risen by over 50% since November, so a short-term pullback does not necessarily mean a reversal of the long-term trend. Related reports: The first case of tax evasion conviction in the U.S.! The court ordered to surrender $124 million BTC Private Key and sentenced to 2 years in prison. BTC price drops to $96,000, Nvidia plunges 6%, dragging down U.S. stocks, Fed may only cut interest rates once this year. The probability of Trump establishing BTC reserves within 100 days of taking office has dropped to 31%, with two possible paths ('Head and Shoulders' pattern in BTC forming pressure, analyst: If the key support fails, the price may drop to $75,000). This article was first published on BlockTempo, the most influential blockchain news media in the dynamic blockchain field.