Bitcoin has faced a strong rejection around the $76,000 resistance zone, indicating that optimistic The momentum starts to fade at higher levels. With selling pressure increasing and key support levels now in sight, the market is entering a critical phase where a downturn could take shape if buyers fail to regain control.
Rejection at $74,000-$76,000 limits Bitcoin’s momentum
Bitcoin faced a strong rejection after breaking into the $74,000-$76,000 resistance zone. to emphasize strong sales pressure at the top of the range. The inability to maintain momentum over this region indicates that bulls are struggling to take full control, leaving prices vulnerable to short-term declines.
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According to analyst Kamile Uray, the $70,467 level on the 4-hour chart has now become a crucial pivot point. As long as BTC remains above this level, the structure will continue to support further gains.
If a breakout above resistance occurs with strong volume confirmation, Bitcoin could extend its rally towards the $79,000 level. Additionally, $98,000 is the next important macro target to watch. However, repeated rejection when resisted combined with a breakdown below $70,467 would weaken the structure and likely open the door for a move into the $68,000-$66,000 support region.
On the daily time frame, the $65,666 level remains a crucial base for the broader trend. Staying above that will maintain the bullish outlook in the bigger picture, but a decisive close below this level would be a sign of increasing weakness. In that scenario, BTC could revisit the support zones at $63,823, $62,433, and $60,000, with a daily close below $60,000 potentially confirming an extended run. bearish phase.
Bearish Engulfing indicates shift in market control
In a recent BTC update on the 4 hour time frame, analyst Minga revealed that the price is currently above the previous weekly high on lower time frames, indicating a period of consolidation following the recent upward push. While holding above this level suggests some underlying strength, the lack of follow through points to growing hesitation among buyers.
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On the 4H chart, Bitcoin reached the upper limit of its ascending channel but received a strong rejection. This move was followed by a bearish engulfing candle, a pattern that often signals a shift in price momentum in important resistance zones.
The first 4H candle of the new day tried to regain the upward momentum but ultimately closed like an upside-down hammer. Such a formation usually reflects a possible continuation of the disadvantage.
Bears are gradually taking action and building a stronger case for a pullback. A decisive break below the $73,700 level could accelerate the move towards the lower limit of the rising wedge. If that structure breaks down, Bitcoin could extend its decline toward the monthly open area around $65,000 in the coming weeks.
Featured image from Getty Images, chart from Tradingview.com