BTC/USDT chart shows a Round Top (or Distribution) pattern

Pattern Breakdown
Formation:
The chart displays a rounding top shape, where BTC price gradually increased, peaked, and then started declining.
The red shaded area represents the curved top, confirming a distribution phase.
Key Levels:
Peak: Around $110,000 (approx.).
Neckline/Support: ~$90,000, which was broken to the downside.
Measured Move: The expected drop is roughly equal to the height of the rounding top, which was around $21,300.
Breakdown & Target:
The price has broken below the $90,000 support level, confirming the pattern.
The expected price target based on the pattern is around $70,000, calculated using the height of the round top.
Additional Observations
Volume: There is an increase in volume at the breakdown point, which validates the bearish move.
Momentum: If BTC fails to reclaim $90,000, it may continue downward.
Conclusion
The chart signals a bearish trend continuation after breaking the neckline.
BTC could drop towards $70,000 unless buyers step in to regain momentum.
If BTC reclaims $90,000, the bearish scenario could be invalidated.