Analyst: Bitcoin Breaking Below $91,600 Key Support Level is a Strong Bearish Signal

BlockBeats News, January 13th, Senior Foreign Exchange Analyst at Intouch Capital Markets Piotr Matys stated that Bitcoin may have now formed a so-called head and shoulders pattern, indicating a shift in trend from bullish to bearish. Matys said that breaking below the key support level of $91,600 "suggests a strong technical bearish signal for Bitcoin."

Kuptsikevich added that if bearish sentiment prevails, Bitcoin's next low point could be around $88,000, with a potential quick rebound to around $74,000 from there.

Last year, the debut of a U.S. exchange-traded fund (ETF) directly linked to Bitcoin and U.S. President-elect Trump's outspoken support for the digital asset industry propelled Bitcoin to a historic high. However, this optimism has waned in 2025, with some analysts suggesting that traders are awaiting certainty post Trump's presidential inauguration on January 20th. (Jinse Finance)