BTC MARKET CAP SHORT PRESPECTIVE

Observations:
1. Head and Shoulders Pattern:
- There seems to be a potential "Head and Shoulders" pattern forming near the top of the recent trend, which is often considered a bearish reversal signal.

2. Fair Value Gaps (FVG):
- Two Fair Value Gaps are marked on the chart as potential zones where the price may gravitate toward.
- The upper FVG is closer to the $1.68T market cap level.
- The lower FVG is around $1.4T–$1.5T.

3. Volume:
- Volume has been declining slightly as the market cap approaches the top, which might suggest waning buying pressure.

4. RSI Divergence:
- The RSI indicator at the bottom shows a potential bearish divergence where price makes higher highs, but RSI fails to do so. This is another sign of a possible upcoming correction.

5. Support and Moving Averages:
- Price is currently above the major moving averages, but a correction could lead it back toward the lower FVG or moving averages for support.

6. Trendlines:
- A breakout from the wedge or channel earlier in the year led to the strong bullish rally. Now, a consolidation and potential reversal pattern is forming.

Analysis:
- The current chart suggests a possibility of a pullback or correction in the near term if the head-and-shoulders pattern confirms.
- The first target for this correction could be the upper FVG at $1.68T, with further downside potential to $1.4T–$1.5T (lower FVG).
- If the market fails to hold support at these levels, it may signal a more significant bearish trend.

Key Levels to Watch:
1. Support Zones:
- $1.68T (upper FVG).
- $1.4T–$1.5T (lower FVG).

2. Resistance:
- If the market cap manages to invalidate the head-and-shoulders pattern, a breakout above $2T could lead to new highs.

Conclusion:
Monitor the key support levels and the confirmation of the head-and-shoulders pattern. A breakdown below the neckline would signal a stronger bearish move. However, if support holds, it could resume its bullish trend.