$BTC The 1-hour K-line chart of Bitcoin presents a clear M-top reversal pattern. It has reached near 91800 twice but faced pressure and retreated, with the intermediate low point at 90700 forming neck-line support.

The volume on the second peak is less than that of the first, indicating a weakening of bullish momentum, thereby validating the effectiveness of the M-top pattern. At the same time, the MACD indicator has shown a top divergence, with the fast and slow lines crossing downwards at high levels and continuing to decline, while the green bars below the zero line gradually increase, further reinforcing the bearish trend.

The current price is approaching the neck-line support level. If it breaks below and stabilizes effectively, the M-top pattern will be fully confirmed, indicating a high probability of a phase of decline in the market. In terms of operations, caution should be exercised regarding the risk of waning bullish momentum, and one can lay out short positions based on the pattern signals, while strictly controlling the position to respond to trend reversals.