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Bitcoin Breaks Structure: Trendline Recovery or Further Decline?
The price of Bitcoin has taken a drastic turn as it breaks its structure and dips below key levels. The sudden drop has left traders wondering if the trendline will recover, or if further decline is imminent.
As we speak, the price of BTC sits at a critical juncture, with a recovery above the trendline potentially restoring bullish momentum. On the other hand, if sellers continue to take control, the next major level of support may become the battleground at $81,000.
The market’s reaction to the recent Bybit hack has been remarkable. The incident saw Ethereum plummet 9.5% to $2,386, a level not seen since October. Analysts believe that the market is only now reacting to the severity of the breach, as initial stability gave way to selling pressure once fear spread.
As the market continues to shift, traders must remain prepared for any outcome. The recent sell-off has led many investors to reevaluate their exposure to riskier assets amid growing volatility.
The $81,000 mark could potentially be a turning point for Bitcoin’s price, as it provides support in case of further decline. If buyers fail to regain control and push the price higher, we may see an extension of the downward trend.
The market is watching anxiously to see if Bitcoin will recover its structure or continue falling.
Source: https://cryptonewsland.com/bitcoin-breaks-structure/
