Yesterday I highlighted that bitcoin has held $92,000 (or near that level) on six separate occasions since breaking above $100,000 for the first time. Another test is unfolding now with it trading perilously close to that level and at the lows of the day.
Bitcoin 5 minute chart
We’ve already broken yesterday’s low of $92,724 and that triggered some additional stops in the past few minutes. These are the lows of the year so far but I wouldn’t expect any big stops until the Dec 30 low of $91,262 is breached, if not the $90K level.
If those go, you could argue there is something of a messy head-and-shoulders pattern that targets $78K.
bitcoin daily