Opinion: The recovery trend of BTC has stalled again, it may fall to $75,000 or lower in the short term
Shaurya Malwa, the joint head of CoinDesk's token and data team, wrote that Bitcoin's price recovery has fallen into a double top bearish pattern at $87,000, increasing the risk of another decline. If the price decisively breaks through the support level between the two peaks (known as the neckline), it could lead to a short-term drop in prices to $75,000 or lower, but it is still in an upward range in the long term.
Analysts believe that traders have responded positively to dovish stance on inflation by Federal Reserve and cooling concerns about upcoming U.S. tariffs which supported Bitcoin's rise over past week. However, altcoins lack correlation with recent trends in Bitcoin suggesting current price trend may lack broad market support thereby increasing possibility of "false breakout" rebounds. (CoinDesk)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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