Bitcoin has fallen below the critical $91,600 support level, signaling a potential move into bear territory, according to market analysts.
Bitcoin’s recent price action may have formed a “head and shoulders” formation, a classic indicator of a reversal from an uptrend to a downtrend, said Piotr Matys, senior forex analyst at Intouch Capital Markets. “A break below $91,600 is a strong technical bearish signal for Bitcoin,” Matys said.
The bearish outlook was echoed by Alex Kuptsikevich, a senior market analyst, who predicted that Bitcoin’s next low could be around $88,000 if the negative sentiment continues. Kupikevich added that a sharper correction to $74,000 was on the cards.
This is in sharp contrast to Bitcoin’s 2024 rally, which was fueled by the launch of a US exchange-traded fund (ETF) directly tied to Bitcoin and US President-elect Donald Trump’s vocal support for the cryptocurrency sector. Enthusiasm waned in 2025 as traders adopted a wait-and-see approach as they awaited clarity on the new administration’s policies following Trump’s inauguration on January 20.
*This is not investment advice.
