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Bitcoin sets up inverse head-and-shoulders pattern targeting $76,000

Technical charts point to a neckline near $66,800 as the trigger for a potential move toward $76,000, though the setup is not yet confirmed.

Reported · Written up by our desk · Market Structure

Bitcoin is showing a potential bullish inverse head-and-shoulders pattern on its daily chart, a technical setup often associated with a downtrend ending and a reversal beginning, according to CoinDesk.

The article notes three key troughs, with a left-shoulder low near $60,000 in early June, a deeper head near $57,700 in late June or early July, and a right-shoulder formed by a bounce from around $62,500. It says each trough was followed by rebounds toward a similar resistance area.

The pattern's neckline sits at roughly $66,800, and CoinDesk frames a break above that level as the trigger that would signal confirmation. If triggered, it cites a projected target near $76,000 based on the pattern's depth.

CoinDesk also cautions that chart analysis is subjective and the setup is not yet confirmed, pointing to the need to watch for renewed weakness below the 50-day average. It further mentions uncertainty tied to the Clarity Act as another reason traders may keep an eye on potential downside moves.

Latest closeBitcoin $64,314.48 ▲0.1%

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