How low can the Bitcoin price go?
Key takeaways:
- Bitcoin fell 12% from its June 23 peak, briefly dipping below $100K (first time since May 8).
- Liquidation heatmap indicates potential drop to $97K, with rounded top pattern suggesting $74K possible.
BTC has lost 4.6% this week after peaking at $109K, signaling weakening momentum.
Bitcoin takes liquidity tumbling below $100,000
Bitcoin tumbled to $98,240 on June 22 following President Trump's announcement of military strikes on Iranian nuclear facilities, extending its decline to 12% from the May 22 all-time high of $112,000. The sharp drop precipitated a wave of derivatives liquidations across cryptocurrency markets.
The market response highlights both the sensitivity of crypto assets to geopolitical events and the resilience of Bitcoin's underlying demand structure at key psychological price levels.
BTC rounded-top pattern targets $74K
Bitcoin is forming a potential rounded top pattern on daily charts, indicating possible bearish momentum ahead. This inverted U-shaped formation suggests a shift from accumulation to distribution. Bulls are currently defending the key $100,000 psychological support level.
The $95,000 zone holds technical significance as the convergence point of the 100-day and 200-day SMAs, with the yearly open at $93,400 providing additional support. The critical $93,000 neckline remains the decisive level for this pattern.
A daily close below $93,000 would confirm the bearish breakdown, potentially triggering a 27% decline toward $74,730. Bitcoin now faces a crucial technical crossroads at this $93,000 threshold.
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