After a 50% rally since November, which saw Bitcoin reach all-time highs, there seems to be a change of course as Bitcoin eyes the $72k-ish level.
On the four-hour timeframe, Bitcoin is forming a head and pattern shoulder and Bulls have to fight for the $92k support for the sixth time in less than two months.
Bitcoin 4H Chart – TradingView.
The break of the neckline might see Bitcoin drop sharply towards the $72k-68k range. However, if the $92k support level holds, Bitcoin might start a run to new ATH, surpassing the previous $108k highs.
On the 30-minute timeframe, Bitcoin’s price is in a wedge pattern, and is set for a fourth touch at the support level of $92,125.
Bitcoin 30 Minutes Chart – TradingView.
Renowned trader Peter Brandt pointed this out via an X post, and he doubled down on his thoughts on the Bitcoin chart.
$700 Million Liquidated in 24 Hours
According to Coinglass, over $700 million has been liquidated from the crypto market in the last 24 hours. This comes as Bitcoin slums below the 96,000 price, leading other coins to follow suit. Of the $700 million liquidated, Bitcoin accounts for $132 million.
Alphractal charts also show that short-term Bitcoin holders seem content to take their profits at the $100,000 level. Bitcoin has seen declining accumulation since December 5th, and this wave does not look good for Bitcoin’s short-term price.
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