Bearish Bitcoin Technical Pattern Shouldn’t Be Shrugged Off

Bitcoin price is struggling to get back above $60,000 currently, but bears thus far have been unable to swat price action away from local highs. The push and pull between the two opposing market forces have resulted in a bearish price pattern potentially forming, that anyone paying attention to cryptocurrency might want a heads up about.

If bulls ultimately shrug off the recent attempt to take over by bears, new highs are ahead. However, if this technical pattern confirms, the first significant correction could be coming sooner than later in crypto.

Bitcoin Price Peaks Could Be Forming Head And Shoulders Reversal Pattern

Bitcoin price action in 2021 thus far has been like a rocket ship without any atmosphere to penetrate, soaring without any formidable resistance. It is only recently after reaching above the current highs over $60,000 that the cryptocurrency has struggled to continue toward new highs with ease.

The most recent resistance level has led to weeks of consolidation, switching from bearish to bullish and back on shorter timeframes, while the underlying trend has remained “only up.”

Related Reading | How Bitcoin Price Could Shed 50 To 70% If Momentum Turns Down

The natural tug of war between buyers and sellers have left a zig-zagging pattern on the price chart that – if things turn down from here – could soon form a head and shoulders reversal pattern.

The pattern is only a little more than two-thirds of the way through, currently near what should be the inflection point of the pattern.

bitcoin daily head and shoulders

A head and shoulders could take bulls by surprise, before moving higher again | Source: BTCUSD on TradingView.com

The Ongoing Showdown Between Bullish BTC Fundamentals And Bearish Technicals

The battle between buyers and sellers of Bitcoin is currently at an impasse, and when either side eventually waves the white flag, there could be a long streak of green or red to follow.

If the pattern is invalidated with a rise to a new all-time high, the…

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