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Bitcoin tests inverse head-and-shoulders neckline near $66,600

A sustained move above the $66,600 neckline would confirm the pattern and projects a measured upside target near $76,000, according to a market technician cited by CoinDesk.

Reported · Written up by our desk · Bitcoin

Bitcoin is hovering just below the $66,600 neckline of an inverse head-and-shoulders pattern that chart analysts say could signal a bullish reversal, CoinDesk reports.

The pattern is described as forming on Bitcoin's daily chart since June lows, with three troughs and the middle one the deepest, separated by brief recoveries that define the neckline resistance near $66,600.

Market technician Aksel Kibar of Tech Charts, as cited by CoinDesk, said a decisive break and hold above the neckline could confirm the formation and imply a measured-move target near $76,000.

CoinDesk also notes the structure has been building since early June and could be interpreted as a potential bottoming setup after prices peaked at $126,000 in October last year.

Latest closeBitcoin $68,345.20 ▲5.7%

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