Bitcoin Price Hits $77K as Analysts Eye $71K Target

Bitcoin's price has dropped over 1% this month, now trading at $77,577. The decline is attributed to geopolitical tensions and rate expectations weighing on risk assets.

Traders are watching several potential downside levels, with one analyst pointing to $71,000 as a target. Seasonal trends also suggest a similar price point.

Ahead-of-time indicator Glassnode places the floor far below both projections, at between $62,000 and $65,000. This is where structural support sits, built during summer consolidation.

Some analysts have identified a head and shoulders break pattern on four-hour charts, with price losing the ascending neckline and testing it from below. If this retest gets rejected, it could open the door towards $71K. However, reclaiming and holding above the neckline removes the bearish case.