Bitcoin prices rose to $87,375 this week after a mixed Federal Reserve decision, reflecting a broader market rebound. However, technical analysis indicates the possibility of a price decline, with various bearish patterns emerging that could lead to significant downtrends.

Bitcoin experienced an upward movement this week, reaching a high of $87,375, reflecting a 13% increase from its recent low. This rally followed a mixed interest rate announcement from the Federal Reserve, which positively influenced other asset classes, including U.S. equities and commodities. Notably, the Dow Jones and S&P 500 gained over 1%, and gold prices surged to a historic high of $3,100.

In summary, while Bitcoin’s recent price rebound reflected broader market trends, technical analysis suggests a grim outlook moving forward. The formation of bearish patterns indicates a potential price decline, with anticipated targets set at $76,750 and possibly lower to $74,070. Investors should remain vigilant as these developments could signal an important shift in Bitcoin’s trajectory.

Original Source: crypto.news

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