The Level at which the price of Bitcoin is resisted @$31k is, technically, generally the critical and very decisive one for the entire cryptocurrency market.
Based on the current Market structure, this pattern shown in the picture below is an inverse Head & Shoulder formation drawn from the weekly timeframe.
An H&S pattern from the technical analysis perspective typically is a reversal pattern and inverse H&S is a bullish signal if found at the bottom of an extended trend, Which structurally suggests a possible endpoint to a trend if occurred in the major time-frames such as monthly, Weekly, and daily.
The reversal of such a pattern is usually back to somewhere close to the beginning of the trend, which should be around ATH 69k.
From my analysis and the overall picture of the market,
1. Bitcoin needs to break above $31k to correct this impulse and to complete the H&S pattern.
2. if failed it may result in the Double top formation known as the M pattern whose target is $25k, $23k, and $20k.