Bitcoin News Alert: Price Plummets 3.34% as Bearish Patterns Threaten 9.64% Crash
Bitcoin investors are on edge as the cryptocurrency plunges 3.34%, with technical indicators flashing warning signs of a deeper 9.64% correction. Is this the start of a major downtrend, or just a temporary pullback? Let’s break down the key factors driving this Bitcoin price drop.
Bitcoin News: Bearish Patterns Emerge
Technical analysts are sounding alarms as Bitcoin shows concerning patterns:
- Breakdown from a rising wedge formation
- Power of Three (PO3) pattern on daily charts
- Price fell below critical $115,000 trendline
These signals suggest weakening bullish momentum and potential for further declines to the $105,000-$106,000 range.
Bitcoin Liquidation Events Spike
The recent price action has triggered significant liquidations:
| Metric | Value |
|---|---|
| Hourly liquidations | $2.82 million |
| Most affected positions | Long positions |
| Market rank | 2nd most liquidated (after Ethereum) |
Traders betting on a quick rebound are getting squeezed as support levels fail to hold.
Bitcoin Support Levels to Watch
Key price levels traders should monitor:
- Immediate support: $114,000 (previous buying interest)
- Critical resistance: $118,500 (must break for recovery)
- Worst-case target: $105,000 (9.64% drop from current)
Macro Factors Impacting Bitcoin Price
Beyond technicals, these fundamental factors may influence Bitcoin’s trajectory:
- U.S. tariff increases under new Executive Order
- Potential impact on global risk appetite
- Shifts in capital flows between markets
FAQs: Bitcoin Price Drop Explained
Q: How much has Bitcoin dropped today?
A: Bitcoin is down 3.34%, trading at $114,847.21 after reaching $118,670 earlier.
Q: What are the bearish patterns signaling?
A: Analysts see rising wedge breakdown and PO3 formation suggesting potential 9.64% drop to $105,000.
Q: Why are liquidations happening?
A: Long positions are being forced to close as price falls below key support levels.
Q: What’s the most important level to watch now?
A: $114,000 support – if broken, could accelerate decline toward $105,000.
