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Bitcoin Price Challenge Key Support as Risk-Off Mood Intensifies
['With Over Three Years Of Hands-On Experience In The Financial Markets', 'Sahil Has Honed An Exceptional Proficiency In Technical Analysis', 'Which Is The Cornerstone Of His Daily Monitoring Of Price Fluctuations In Leading Assets', 'Indices. His Foray Into The Ever-Evolving World Of Cryptocurrency Began With A Deep Fascination For Financial Instruments. Sahil Currently Contributes To Cryptonewsz But Has Also Been Featured In Prominent Publications Like', 'Harsh Chauhan', 'Swatilakha Saha', 'Sahil Mahadik', 'Rajpalsinh Parmar', 'Maxwell Mutuma', 'Vignesh Karunanidhi']
CryptoNewsZ Insider
The Bitcoin price is poised for a 2% drop and challenges the bottom trendline of the bearish reversal pattern called head and shoulder.
On Thursday, January 29th, the crypto market witnessed a notable sell-off which pushed the Bitcoin price below $84,000.
In addition, the market witnessed a safe-haven rotation as investors fled from risk assets like stocks and cryptocurrencies to traditional money like Gold.
BTC Under Pressure as Fed Signals Caution and Spot ETF Outflows PersistBy the press time, the Bitcoin price trades at $84,288, registering an intraday loss of 5.5%.
On the contrary note, if buyers managed to hold the aforementioned trendline, the Bitcoin price could enter a short-consolidation phase to recoup its bullish momentum.