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

Bitcoin has recently broken 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 are established, adjustment cycles often do not end in the short term.
From a market structure perspective, the number of liquidations across the entire network in the past 24 hours exceeded 200,000, with the vast majority being leveraged positions that were chasing longs. This "long killing long" stampede indicates that the decline is not simply a retracement, but a concentrated release of leverage bubbles. In the derivatives market, funding rates have turned into deep negative values.
Chips above are highly concentrated, forming a strong supply zone, meaning any rebound will face significant selling pressure resistance. At the same time, Bitcoin's mining costs have inverted, with miners facing losses, and this fundamental factor may intensify subsequent sell-off expectations.
Comprehensively, before the current key resistance level is effectively recovered, the market remains in a bearish-dominated consolidation phase, and downside risks have not been eliminated.
Returning to established strategic objectives, continuous advancement. $BTC ‌$ETH ‌