Bitcoin's Make-or-Break Moment: Will It Mirror Ethereum's Breakout or Validate Bears?
At the start of August, Bitcoin is trying to form an inverse head-and-shoulders pattern on its price chart. The make-or-break target for this setup is $67,200.
BTC is currently hovering near $63,382, drawing the right shoulder of the classic pattern. This follows a heavy decline from May highs above $81,000 and a nervous search for a bottom near $57,000.
TechCharts analyst Aksel Kibar calls this setup the only real reason for short-term optimism among bulls at the beginning of August.
However, while Bitcoin is still trying to find its footing, Ethereum has already completed a similar reversal and broken through to the upside in the ETH/BTC pair. This has led to a liquidity rotation away from BTC towards ETH, depriving Bitcoin of the volume needed for a quick start.