Bitcoin (BTC) Price Today: BTC Slips Below $105K as $1.27B Liquidations and EMA Cross Signal a $100K Retest
Bitcoin dropped below $105K amid $1.27B in liquidations, forming a bearish head-and-shoulders pattern that signals a potential retest of the $100K support level.Summary
Bitcoin's price has fallen below the crucial $105,000 support level, which has been a key defense line since May, leading to increased trader caution despite remaining above $100,000.
Technical analysis suggests a bearish head-and-shoulders pattern is forming, with the neckline near $112,500, potentially signaling a drop toward or below $100,000 if confirmed. This bearish outlook is compounded by a surge in liquidations, with over $1.27 billion in long positions unwound in 24 hours, accelerating downside pressure. Furthermore, technical indicators show a potential bearish EMA crossover, warning of weakening bullish momentum.
Two primary scenarios exist: if Bitcoin fails to hold support, the head-and-shoulders pattern could lead to a 13.6% drop toward $89,948; conversely, holding $105,000 could trigger a bounce toward $110,000. The market's short-term direction hinges on holding the $100,000–$105,000 zone, while analysts also noted skepticism surrounding a social media 1 BTC giveaway promotion that coincided with the price drop.
(Source：Brave New Coin)