Bitcoin (BTC) began 2025 with excessive expectations after its record-breaking efficiency in 2024, however analysts are warning that BTC is presently at a crucial level.
Omkar Godbole, a number one market analyst, warned that Bitcoin wants to carry onto the December low of $91,186 to keep away from confirming the downtrend.
Bitcoin surpassed its all-time excessive of $108,000 in December 2024, however its worth fell sharply to shut the month beneath $94,000, its first month-to-month loss since August. The worth motion shaped a basic bearish sign, the “taking pictures star” candlestick sample on the month-to-month chart.
This formation is characterised by an extended higher wick, reflecting a major worth rejection close to the highs, and a small physique close to the open and shut costs. Bitcoin’s higher wick was virtually 4 instances the scale of its physique, suggesting that sellers took management after consumers initially pushed the value increased.
“The taking pictures star indicators a renewed bearish pattern available in the market, particularly after Bitcoin’s sharp rally from $70,000 to over $100,000,” Godbole stated.
In line with Godbole, Bitcoin bulls should defend the December low at $91,186. A break beneath this assist would verify a downtrend reversal and probably result in additional declines. Historic knowledge additionally exhibits that comparable formations with lengthy higher wicks sign main bull market tops.
*This isn’t funding recommendation.
