Bitcoin Pattern Points to $71,000 as On-Chain Data Warns of Deeper Support
Bitcoin faces selling pressure after breaking below a key 4-hour neckline, setting up a target near $71,000. Seasonal patterns following a strong August reinforce potential September weakness. Meanwhile, on-chain metrics show the true structural demand floor sits even lower between $62,000 and $65,000.
Bitcoin is retesting a broken ascending neckline on the four-hour chart after forming a head-and-shoulders pattern. Rejection at this level opens a clear path toward $71,000, leaving bulls scrambling to reclaim control before momentum accelerates downward.
Seasonality adds weight to the pullback case. Bitcoin logged a 25% rally in August, but historical data shows green Augusts are consistently followed by September drops averaging over seven percent.
If technical patterns fail to hold, Glassnode on-chain data points to an accumulation floor much lower between $62,000 and $65,000. With long-term holder supply capping upside around $85,000, sellers retain the near-term advantage.