Intouch Capital Markets senior foreign exchange analyst Piotr Matys said Bitcoin may have now formed a so-called head and shoulders pattern, which indicates that the trend is turning from bullish to bearish. Matys said that the break below $91,600, which is seen as a major support level, shows that "there are strong technical bearish signals for Bitcoin." Alex Kuptsikevich, chief market analyst at Fxpro, added that if bearish sentiment prevails, Bitcoin's next low may be around $88,000, and there is also a possibility of a quick correction from there to around $74,000.
Last year, the debut of a U.S. ETF directly linked to Bitcoin and President-elect Trump's outspoken support for the digital asset industry pushed Bitcoin to an all-time high. However, this optimism has weakened in 2025, and some analysts say traders are waiting for certainty after Trump's inauguration on January 20. (Jinshi)