Bitcoin’s Weekly Test: Will It Break Below Key Support?

Bitcoin broke below its daily all-time high, but remains above it on the weekly chart. This raises questions about the future of the bull run as traders await key weekly closing price to determine if a deeper correction or bounce will occur. 75% drop in Bitcoin since its peak was triggered by a decline from its previous record high and a potential bearish reversal is now being considered. A weekly close below support could form an inverse Head and Shoulders pattern, indicating further downside.