Bitcoin Head and Shoulders Top Breakdown Confirmed, Bearish Trend Continues

Bitcoin has recently broken through key support levels. Technically, the head and shoulders top pattern has been confirmed to break down, meaning the uptrend structure that has persisted since last year has been destroyed. From historical precedent, once such patterns form, adjustment cycles typically do not end in the short term.

From a market structure perspective, over 20 million people have been liquidated across the network in the past 24 hours, with the vast majority holding leveraged long positions that chased the rally. This "longs killing longs" stampede indicates the decline is not a simple pullback, but rather a concentrated release of leverage bubbles. In the derivatives market, funding rates have already turned deeply negative.

Chips are highly dense above, forming a strong supply zone, meaning any rebound will face significant resistance from selling pressure. Meanwhile, Bitcoin's mining costs have fallen into negative territory, with miners facing losses, and this fundamental factor may intensify subsequent selling expectations.

Comprehensively speaking, before key resistance levels are effectively reclaimed, markets remain in a bearish-dominated consolidation phase, and downside risks have not been eliminated.

Returning to established strategic objectives, continuing to push forward. $BTC ‌$ETH ‌