Bitcoin is currently testing the neckline of its inverse head and shoulders pattern, hovering around the $103,500 level. This upcoming event has traders on edge as they await decisive daily close confirmation. While institutional flows remain steady, suggesting a potential bullish sentiment, the technical formation’s validity remains uncertain due to a small right shoulder that could mislead traders into expecting an upward surge. Crypto analyst Mihir calls for further verification through higher trading volumes and decisive price movements above the neckline ($71,000) before long positions are entered. 2020 and 2021 saw similar patterns leading to notable rallies in Bitcoin’s pricing cycles. However, failure to confirm could trigger significant downward pressure. This historical trend may influence broader market sentiment.