Woofun AI reports that Bitcoin (BTC) is approaching a critical technical threshold, with market technician Aksel Kibar of Tech Charts identifying a developing inverse head-and-shoulders formation on the daily chart since the June lows.

The deeper driver is the specific geometry of this pattern, which involves three distinct troughs separated by brief recoveries, with the middle trough being the deepest.

Structurally, the neckline connecting these recoveries acts as key resistance near $66,600, while BTC is currently trading just short of that level at $66,500.

Woofun AI data shows that a decisive break and hold above this neckline would confirm the pattern and project a measured-move target of $76,000, according to Kibar. This objective is calculated based on the distance from the head to the neckline, representing a potential bottom after prices peaked at $126,000 in October last year and the structure began building in early June.

Notably, Bitcoin is up 3% since midnight UTC, signaling growing momentum as traders watch for confirmation of a fresh uptrend. This technical setup marks a pivotal moment for price action following the brutal bear market.