Technical analysis by ScottMelker about Symbol BTC on 6/6/2025

The Bitcoin daily chart is presenting a technically rich picture, with clear structure and key moving average interactions. Most notably, we’ve seen a breakdown from a classic head and shoulders pattern. The neckline has been broken decisively and is now being retested from below – a common behavior when former support becomes resistance. Traders often watch this level closely for rejection or reclamation.Despite the breakdown, price is currently finding support at the 50-day moving average, which is rising and suggests underlying trend strength. This bounce has brought Bitcoin back to retest the neckline zone, offering a potential inflection point. A reclaim above the neckline could invalidate the bearish pattern and reignite momentum. Conversely, if price is rejected here, the head and shoulders may play out further, with targets aligning near the $92K level.Momentum is still neutral to slightly bullish, and volume has picked up on the bounce – which is a positive sign. All in all, this is a key moment for Bitcoin. Holding above the 50 MA and reclaiming the neckline would shift the bias back toward the bulls. Losing the 50 MA could invite further downside.