Bitcoin head-and-shoulders top confirmed breakdown, bearish trend not yet concluded.

Bitcoin recently broke through key support levels. Technically, the head-and-shoulders top pattern has confirmed a breakdown, meaning the uptrend structure since last year has been destroyed. From historical patterns, once such formations take shape, adjustment cycles often do not end in the short term.

From a market structure perspective, in the past 24 hours, over 200,000 liquidations occurred across the network, with the vast majority being leveraged long positions. This "longs killing longs" stampede suggests that the decline is not a simple pullback, but rather a concentrated release of leverage bubbles. In the derivatives market, funding rates have turned deeply negative.

Upper-level chips are highly concentrated, forming a strong supply zone, meaning any rally will face significant selling pressure resistance. At the same time, Bitcoin's mining cost has already appeared inverted, with miners facing loss pressure. This fundamental factor may amplify subsequent selling expectations.

Comprehensively speaking, before the current key resistance level is effectively recovered, the market remains in a consolidation phase dominated by bears, and downside risks have not been eliminated.

Return to established strategic objectives, continue to advance. $BTC ‌$ETH ‌