Bitcoin: Head & Shoulders or False Alarm?Bitcoin / TetherUSBINANCE:BTCUSDTDukesMarketAnalysisPotential reversal pattern forming Bitcoin appears to be developing a Head & Shoulders pattern following the rally from the June low. While chart patterns are never guaranteed, this is one worth monitoring given its location beneath major resistance. Moving averages losing momentum The 100/50-period EMAs remain bullishly crossed, but both averages are beginning to contract and slope lower. That suggests bullish momentum is fading, even though the crossover itself remains positive. Neckline now being tested Price has returned to test the neckline extension around $64,350 after breaking below it. If sellers continue to defend this area, the measured objective from the pattern sits around $61,356. Invalidation level remains clear The pattern remains valid while price stays below the right shoulder high at $65,744. A move above that level would invalidate the Head & Shoulders, although the recent $66,956 high would still leave the possibility of a double top. Momentum remains mixed Selling volume has strengthened during the recent decline, while RSI continues to chop around the 50 level. StochRSI has turned higher but stopped short of overbought, suggesting momentum remains balanced rather than strongly bullish. In Summary Bitcoin is testing an important technical area, with a potential Head & Shoulders pattern beginning to take shape. The neckline around $64,250 and the right shoulder at $65,744 are the key levels to watch. A rejection from current levels would keep the bearish pattern in play with a measured objective near $61,356, while a move above the right shoulder would invalidate the setup.