Inverse Head & Shoulders Pattern Forms in Bitcoin Price Action

Bitcoin's price action may be forming a bullish inverse head and shoulders pattern, according to analysis.

This type of pattern has played out in other assets, including silver, which triggered a 5% gain in a single day when it broke above its neckline.

The short-term trend line at $46,600 is the first buy signal for Bitcoin, targeting prices around $53,300 and $56,600. If this momentum continues, the all-important inverse head and shoulders neckline at $68,800 may be tested.