Bitcoin was trading at $94,296 at last check as the market reacts to the latest report from the Bureau of Labor Statistics showing that the U.S. economy created over 256,000 jobs. The unemployment rate fell to 4.1%.

Bitcoin is at risk of a bearish breakout. It has formed the risky head and shoulders chart pattern, whose neckline is at $90,952. This is one of the most popular bearish patterns in trading.

Bitcoin’s Relative Strength Index and the MACD indicators have formed a bearish divergence pattern. The MACD’s histograms have moved below the zero line.

Therefore, a break below the H&S’s neckline at 90,950 risks further downside. The first support of this will be the 200-day moving average at $78,285 followed by $73,985, the highest point in March last year.

On the positive side, as we wrote earlier this week, Bitcoin price is forming a bullish pennant chart pattern on the weekly chart. That pattern will remain in play as long as it is above $90,000.
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