Bitcoin's Future Uncertain as Analysts Debate Bearish Market Structure

• Bitcoin's Head and Shoulders pattern hints at bearish pressure with $58K key support.
• On-chain indicators show bullish momentum, despite bearish technical signals.
• Bitcoin trades near $60K as analysts debate a bullish reversal or further drop.

Theo Trader, a prominent analyst with 96K followers, highlights that Bitcoin remains entrenched in a bearish market structure. His analysis, focusing on the BTC/USDT pair on Binance’s 1-day chart, identifies a potential Head and Shoulders pattern, a classic signal of an impending trend reversal.

This pattern, characterized by a peak near $70,000, followed by a higher peak around $73,777, and a subsequent lower peak near $66,000, suggests that Bitcoin may face further downward pressure. Trading around the $60,000 level at present, Bitcoin is approaching critical support between $55,000 and $60,000. Theo Trader emphasizes that a clear sign of reversal is needed within this range to indicate any potential bullish momentum. If this support fails, a drop toward the $52,000 level and possibly lower levels, such as $45,000-$40,000, could materialize.

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