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Bitcoin could fall toward $71,000 as it forms a head-and-shoulders pattern, BeInCrypto reported.
BeInCrypto said BTC has broken below the neckline of the pattern on the four-hour chart and is attempting a retest. The outlet said Bitcoin is under pressure from geopolitical tensions and interest-rate expectations, and a failed neckline retest could send BTC down to around $71,000.
Citing Glassnode, the outlet added that there have been four past cases in which BTC rose in August and then closed lower in September. In those cases, the average decline was 7.24%, which would imply a drop to about $72,831.