Bitcoin (BTC) has achieved a significant milestone by surpassing the $70,000 mark, but investors should exercise caution as a potentially dangerous pattern is emerging on the chart. The double top formation around $71,900 suggests a possible downward reversal, indicating that the asset may struggle to continue its upward trend.

The double top formation is a warning sign that the upward momentum is waning, and a downward trend may follow. Bitcoin is currently facing significant resistance around $71,900, and the completion of this formation could signal the end of the current rally if the cryptocurrency cannot overcome this resistance. Additionally, the Relative Strength Index (RSI) suggests that a price correction may be near, and the lack of significant volume increase during the recent upward movement indicates diminishing buying pressure.

While these technical indicators suggest a cautious outlook, it's essential to consider the bigger picture. Bitcoin has historically shown resilience and upward trends that defy technical analysis patterns. Institutional interest and widespread adoption are increasing, and market sentiment remains mostly positive, especially with the expected approval of spot Bitcoin ETFs in the US in January.

In conclusion, investors should be vigilant and monitor the situation closely. If Bitcoin falls below the $70,000 support level, the double top formation could be confirmed, potentially leading to a price decline. However, considering Bitcoin's past performance and current market sentiment, it's also possible for the largest cryptocurrency to overcome this resistance and continue its upward trajectory.