Bitcoin Nears Breakout Around $66,600
Bitcoin is testing the neckline around $66,600; a close above it would, according to Tech Charts, confirm the inverse head-and-shoulders pattern and open the door to $76,000.
Key Takeaways
- Bitcoin has risen 3% since midnight UTC and is nearing the $66,600 level.
- Chart analyst Aksel Kibar sees a possible confirmation of an inverse head-and-shoulders there.
- If Bitcoin breaks convincingly above the neckline, Kibar sees a price target of $76,000.
Bitcoin has risen 3% since midnight UTC and is approaching an important level around $66,600 (€57,400). According to chart analyst Aksel Kibar of Tech Charts, a breakout above that level could confirm an inverse head-and-shoulders pattern, which is often seen as a sign of a possible trend reversal.
Chart Points to a Reversal
On the daily chart, an inverse head-and-shoulders has been forming since the June lows. That pattern consists of three troughs, with the middle trough deeper than the other two. The line connecting the interim highs is called the neckline and, in this case, acts as resistance.
Bitcoin was recently trading around $66,500 (€57,300), just below that neckline. If Bitcoin breaks convincingly and closes above it, Kibar is looking for a measured price target of $76,000 (€65,500). That target comes from the distance between the head and the neckline.
Why Traders Are Watching This
The formation has been building since early June, during a period when Bitcoin is still trading below last October's peak of $126,000 (€108,600). In the crypto market, this type of pattern has been seen before at major turning points, such as Bitcoin's bottom in November 2022 around $15,500 (€13,400), after which the price later surged sharply.
For European crypto followers, this matters because technical levels like these often draw a lot of attention from short-term traders. At the same time, confirmation still matters: only if Bitcoin really breaks and holds the neckline does the pattern carry more weight.
