Bitcoin’s price has fallen below $90,000 after breaking out of an ascending broadening wedge pattern. This bearish move coincided with low trading activity, raising concerns about further declines. Matrixport analysts anticipate a deeper decline and warn that limited buying opportunities in the market could exacerbate losses. Their caution stems from the technical breakdown occurring during a period of low trading activity. While experts see potential for Bitcoin price growth later this year, this pattern break indicates increased uncertainty. Ethereum has also experienced significant price drops, falling below its key support range, signaling broader market weakness.
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Additionally, analysts at Spot On Chain warn that Ethereum could face its worst February in history if it falls below $2,400. The market has already seen a 23% drop and macroeconomic uncertainty adds to the pressure.
Meanwhile, U.S. spot Bitcoin exchange-traded funds have also experienced outflows, with Grayscale’s GBTC leading the trend.
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