$BTC
Bitcoin is trading near $92,500, still forming a clean inverse head and shoulders pattern targeting $108,500. But every breakout attempt keeps failing for two fixable reasons:
1. Key Resistance at $93,700
The neckline at $93,700 has rejected every move so far. The pattern only activates if Bitcoin closes above this level.
2. Weak Whale Support
Addresses holding 1,000+ BTC have been reducing since Nov 19, dropping to 1,303—a monthly low. When whales cut exposure during price pushes, momentum dies and corrections follow.
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But Both Problems Can Flip Quickly
Despite hesitant whales, Bitcoin has a strong short-squeeze setup:
On Binance, shorts total $3.66B vs $2.22B in longs — almost 50% higher.
A clean break above $93,700 could trigger rapid short liquidations, pushing BTC to $94,600, then $105,200, and eventually the full target at $108,500.
The pattern remains valid above $83,800, but a fall below $80,500 would invalidate it.
DYOR
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