Bitcoin Breaks Pennant Pattern ... Potential Retreat to $73,800 Suggested

# Bitcoin Breaks Key Pattern Support, Potential Drop to $73,800 New York – Jang Dosen Reporting: Bitcoin has fallen below a key pattern support, with potential for further decline to $73,800, analysts suggest. According to CoinDesk on the 10th (local time), Bitcoin broke downward out of a pennant pattern, indicating the possibility of continued decline from its December peak. The collapse of the pennant pattern has increased the likelihood of retesting the March 2024 peak around $73,800. This price level, previously a resistance level, has now turned into support. The pennant pattern is a consolidation phase that appears in the middle of a trend, typically indicating the continuation of the existing trend. The breakdown of this pattern suggests an increased possibility of further market correction. As of 9:56 AM New York time on the 10th, Bitcoin was down 2.83% from 24 hours earlier, trading at $81,504 on CoinMarketCap. Bitcoin had dipped to $80,052 overnight (Asia time) and rebounded to near $84,000 before the New York stock market opened but failed to maintain momentum and retreated again. Bitcoin has been undergoing a correction since setting a record high at $109,114 on January 20.