Analysis: If Bitcoin breaks below the support level of 90,690 USD, it may face a larger decline

ChainCatcher news, according to Marketwatch, Saxo Bank analyst Kim Kramer Larsson stated that if Bitcoin falls below the support level of around $90,690, it may face a larger decline.

In the past five days, the price of Bitcoin has dropped by 3.9%, but it rose by 2.6% this Friday, trading at approximately $94,061, currently down about 13.2% from its all-time high of $108,309 set on December 17, 2024.

Kramer Larsson analyzed that Bitcoin is forming a top according to the so-called head and shoulders pattern, which is a chart pattern in technical analysis that predicts a reversal from a bullish trend to a bearish trend. If Bitcoin falls below the support level of around $90,680, it could potentially drop to $73,000.