Bitcoin fell around 6% over the past week to trade near $68,100 after breaking a key technical pattern that signals further downside risk.
The breakdown of a head-and-shoulders formation on March 21 activated a projected move toward $62,200, implying a potential 10% decline from the neckline.
Despite the bearish setup, on-chain data shows large investors are accumulating, with the number of wallets holding at least 1,000 BTC rising to 1,283, the highest level in a year.
The pattern had been forming since late February, and its failure suggests that prior buying support has weakened, increasing the likelihood of sharper downside moves.
Momentum indicators show mixed signals, with a hidden bullish divergence on the Relative Strength Index hinting at the possibility of a short-term bounce.
However, any recovery may face resistance near $69,400 and $70,700, where supply clusters could cap upside and limit bullish momentum.
The market now reflects a tug-of-war between technical weakness and long-term accumulation, with the next move likely to depend on whether buyers can absorb selling pressure near key levels.
At the time of reporting, Bitcoin price was $68,825.06.