Bitcoin risks drop to $71k as rounded-top pattern takes shape

Key takeaways

• Bitcoin’s four-hour chart is forming a potential rounded-top pattern after its rally from $63,000.
• The $76,000–$76,300 region serves as the pattern’s critical neckline and support zone.
• A decisive breakdown could produce a technical downside target near $70,900–$71,000.

Bitcoin could decline toward $71,000 if a potential rounded-top pattern on its four-hour chart confirms with a decisive breakdown below the $76,000 support level.

BTC rallied from approximately $63,000 in mid-August before reaching the $80,000–$81,500 region. 

However, bullish momentum has since weakened, with the price gradually curving lower and forming the dome-like structure associated with a rounded top.

Weak spot-market demand is adding to the bearish risk, even as demand for Bitcoin perpetual futures remains positive.

Bitcoin rounded top places $71,000 in focus

Bitcoin’s potential rounded top has developed following its strong recovery from the August lows.

The cryptocurrency was trading n...