$BTC has encountered a significant setback today, commencing its decline subsequent to reaching a key resistance level near $70,000. Since mid-March, the cryptocurrency has struggled to sustainably surpass this threshold. Interestingly, this resistance level aligns with the neckline of a potential inverse-head-and-shoulders (IH&S) pattern, a bullish reversal formation. A successful breakout above this neckline could propel Bitcoin's price towards its target of over $90,000 by July, corresponding to the maximum distance between the pattern's lowest point and the neckline. Conversely, failure to breach the neckline may result in a retracement towards the 50-day exponential moving average (50-day EMA) around $66,740.
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