Bitcoin Rally Faces Key Test Head and Shoulders Pattern in Focus

The rally in Bitcoin could partly be attributed to broader market optimism, often driven by political events. When markets are buoyant, Bitcoin, seen as both a hedge and a speculative asset, benefits from increased risk appetite among investors. That said, Bitcoin’s behavior in relation to politics can be unpredictable.

So, with that in mind, we’re now looking at Bitcoin on a 4-hour chart, and a head and shoulders pattern is forming. If this plays out, we could see Bitcoin break the neckline and drop to $80,064.72. But don’t forget Bitcoin is still bullish, especially with the influx of money following the November 5th victory of the newly elected president. Keep that in mind as we watch this pattern unfold.

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