Bitcoin ($BTC) is displaying a high-risk technical outlook that could determine its trajectory in the near term. In this respect, Bitcoin ($BTC) is reportedly witnessing a critical support test around $101,500, as dipping below this level could invalidate the bullish Head and Shoulders (H&S) continuation pattern. As the prominent analyst, “Aksel Kiber, MT,” mentioned in a recent analysis, the top crypto token could plunge below the $100K mark if it fails to stay above $101,500. Hence, in the 6-month-long H&S pattern, this point plays a pivotal role, highlighting the requirement to maintain a price level above it.
Bitcoin’s H&S Pattern Faces Critical Support Test At $101,500
In line with the on-chain data, the bullish Head and Shoulder (H&S) pattern of Bitcoin indicates a critical test of support at up to $101,500. Keeping this in view, a drop below this spot could trigger a further correction below the psychological level of $100,000. Hence, this could invalidate the overall H&S pattern.
Dip Below $101,500 Could Lead to Deeper Consolidation
According to Aksel Kiber, MT, the current position of Bitcoin ($BTC) signifies $141,300 as its upside targets. On the other hand, a slip lower than $101,500 is deemed to be a turning point that could push Bitcoin further down below the $100K spot. Therefore, the market is currently at a crossroads in line with the technical analysis, and whether the flagship crypto asset resumes its upward trajectory or moves toward further consolidation remains to be seen.
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Umair Younas is a cryptocurrency-related content writer linked with this work since 2019. Here, at Blockchainreporter, he serves as a news and article writer. He is a crypto, blockchain, NFTs, DeFi, and FinTech enthusiast. He has strong command over writing authentic reviews about brokers and exchanges and he has collaborated with our education team to write educational content as well. He has a dream to raise awareness among people about digital currencies. His works are well-researched and brimmed with information hence they provide fresh insights. Stay tuned to his posts if you want to stay up-to-date with the crypto-verse.
