Bitcoin Rounded Top Forms, $71K in Focus as Support Zone Holds

Bitcoin's four-hour chart is forming a rounded-top pattern after its rally from $63,000 in mid-August. The cryptocurrency has since weakened, curving lower and forming a dome-like structure associated with this bearish chart formation.

The critical neckline and support zone for the pattern is between $76,000 and $76,300. A decisive breakdown below this level could confirm the rounded-top scenario and increase the probability of a deeper correction.

A breakdown near $76,000 would produce a downside target between $70,900 and $71,000. Technical indicators show market indecision, with Bitcoin's four-hour Relative Strength Index at 54.5, reflecting neutral momentum rather than overbought or oversold conditions.