Bitcoin remains in a tight range, leaving traders unsure of its next big move. With strong resistance above and key support still down, the market is approaching a decisive moment. Whether BTC breaks out into another rally or enters another downward spiral will largely depend on how it reacts around these critical levels.
A slides under the key zone: the downward pressure increases
According to Kamile Uray Bitcoin is currently trading below the key blue box zone, indicating that downward pressure may continue in the short term. Nevertheless, the 4-hour chart is starting to show the first signs of potential recovery structure, with a small inverted head and shoulders (TOBO). If this pattern activates, it could open the door for a move towards the $75,000 level.
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In addition, there is also the possibility that a larger cup and handle formation will occur. A successful boost towards $75,000 would help shape this structurebut confirmation would only come with a strong close above that level. If this is achieved, it could mean a continuation of the strategy upside downespecially if Bitcoin breaks above the $79,354 level, which marks the first higher high in the four-hour time frame.
On the other hand, several key support levels such as USD 65,666, USD 62,433 and USD 60,000 will be closely watched as holding above these levels could provide a basis for another upward move. However, a daily close below the $62,433-$60,000 range would see bearish upside Busyrevealing deeper support levels around $55,230 and $47,256.
Looking at the bigger picture, a move towards $98,200 followed by a daily close above would confirm a higher high on the daily chart, strengthening the case for a continued uptrend. However, caution is advised as the price approaches the $107,000-$109,000 zone, where a potential bearish pattern could emerge. If it fails to rise above the previous high in that region, it could trigger a new downward phase.
Bitcoin remains within reach as momentum stagnates
Bitcoin is currently trading around $70,413, stuck within the same tight range that has kept price action in place for weeks. CyrilXBT pointed out that the $72,000-$76,000 zone continues to act as a strong ceiling, with any rally in that area met by consistent selling pressure.
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On the other hand, the macro trendline has held twice near $64,000, providing the only meaningful support structure preventing a broader bearish shift. Still, confidence in a bullish continuation remains limited until Bitcoin can secure a convincing close above $75,000. With the EMA 200 around $86,380, which is still far from relevant at this stage, the market remains in a wait-and-see phase, with traders watching for a decisive move out of range.
Featured image from Getty Images, chart from Tradingview.com