Bitcoin Price at Risk of Correction if Key Neckline Breaks

Bitcoin's price has been under pressure near $78,500 after retreating from its September 3 peak of $82,283.

The 4-hour Relative Strength Index (RSI) stood at 43.58, showing that sellers retained a modest advantage over buyers.

A possible head-and-shoulders pattern identified by crypto analyst Gerla places $78,000, $79,000 at the key neckline, with a break below this level potentially triggering a deeper correction to around $70,000.