Bitcoin Faces Potential Drop to $71,000 Amid Chart Pattern and Seasonal Trends

Bitcoin (BTC) fell more than 1% this month, trading around $77,577 as geopolitical tensions and interest‑rate expectations pressured risk assets. The move has traders focusing on several possible support zones.

Head‑and‑Shoulders Pattern Targets $71,000

Analysts from CryptoGoos and Wealthmanager identified a head‑and‑shoulders formation on the four‑hour chart. The price has broken below the ascending neckline and is now testing that level. Wealthmanager noted that a rejected retest of the neckline could open a path toward $71,000, while a successful retest would invalidate the bearish setup.

Seasonal Trend Suggests September Weakness

Bitcoin posted a 24.95% gain in August, its strongest August performance since 2017. Historical data from CoinGlass show that in four prior instances where Bitcoin closed August green, September ended lower, with declines ranging from 1.76% to 7.51% (median 7.24%). Applying the median decline to September’s opening price of $78,516 yields an estimated target near $72,831, though only four such cases exist over 13 years.

On‑Chain Analysis Places Structural Support Lower

Glassnode identified an accumulation floor between $62,000 and $65,000, formed during summer consolidation, and a long‑liquidation band between $60,000 and $63,000. A concentration of long‑term holder supply sits between $83,000 and $86,000, acting as a ceiling for upside moves. The firm stated that until the ceiling is absorbed, the $62K‑$65K range defines the primary downside reference.

Key Levels to Watch

• Neckline around $71,000 – rejection could trigger further decline.
• Seasonal projection near $72,831 based on historical September drops.
• Structural support range $62,000‑$65,000 per Glassnode.