$BTC

The current Bitcoin $BTC market cap chart suggests a potential correction in the near term. A possible "Head and Shoulders" pattern is forming, indicating a bearish reversal signal. Additionally, two Fair Value Gaps (FVG) are present, one at 1.68T and the other at 1.4T-1.5T, which may attract price.

Declining volume is also a concern, suggesting waning buying pressure. Furthermore, the RSI indicator shows a potential bearish divergence, where price makes higher highs, but RSI fails to do so. This is another sign of a possible upcoming correction.

If a correction occurs, the first target could be the upper FVG at 1.68T, with further downside potential to 1.4T-1.5T. Failure to hold support at these levels may signal a more significant bearish trend. On the other hand, if the market manages to invalidate the head-and-shoulders pattern, a breakout above 2T could lead to new highs.

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