Bitcoin: Head-and-Shoulders Breakdown Signals Liquidity Exhaustion

Bitcoin head-and-shoulders breakdown on the BTC/USM2 chart points to vanishing liquidity alpha, with the asset no longer outrunning fiat printing at prior rates and raising caution for equities including the S&P 500.

The pattern aligns with M2-adjusted valuations that have only now matched the 2000 peak despite nominal S&P 500 gains, meaning every dollar works harder to sustain prices.

Price action at $65896.81 sits inside Bollinger Bands with upper resistance at $67509.85 while the 50-EMA at $64765.48 offers immediate support; the bearish MACD death cross at 703.74 combined with neutral RSI at 57.43 suggests a healthy retracement toward that EMA level before any continuation attempt.