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Bitcoin price is currently trading near major resistance areas, while the momentum indicator is showing slight changes. The overall structure is still in the adjustment phase, but short-term price trends indicate that volatility will remain the market’s main focus.
From a macro perspective, Bitcoin’s daily chart shows a strong pullback from highs around $97,000, falling to lows near $59,930 before stabilizing in the $66,000 to $70,000 range. Price continues to form lower highs while volume declines during this period, indicating that the market is in a state of compression rather than expansion.
The main support is at $65,000, with a possible break above $59,900. Resistance is holding steady in the $70,000 to $72,000 range; only a decisive break above $72,000 on today’s close would confirm the existence of a structural top. Until then, the daily chart shows a neutral downtrend, characterized by no sharp swings but a controlled movement.
Bitcoin had a limited rebound from $65,620, gradually rising to the $68,500-$69,000 range after setting higher lows. However, momentum weakened near the resistance level. Technical indicators point to resistance at $70,000 below and strong resistance above. A sustained move above the $69,500-$70,000 range would open the way for a potential rally to $72,000 or even $74,000.
Overall, Bitcoin is currently trading within a narrow range between the $65,000 support and $70,000-$72,000 resistance. The daily chart is still in a corrective trend, the 4-hour chart shows a limited recovery, and the 1-hour chart shows strong consolidation. Only a strong break above $72,000 accompanied by high trading volume will see a significant change in market trend. Until then, markets remain range-bound, so disciplined trading is preferable to risk-taking, and the next round of market volatility may be closer than it looks.
A confirmation of a break above $72,000 on today’s close along with increased volume would cancel the pattern lower from the current lows and establish a new structural high. Clearly, this move will shift the bullish momentum towards a sustained uptrend, opening the way to the $74,000 target and signaling that the compression phase of the trend is turning into an expansion.
but!
If support at $65,000 is breached (especially as volumes accelerate), it will strengthen the overall correction pattern and increase the likelihood of liquidity flows towards $63,000 or even the previous low of $59,900. If the market fails to regain the $70,000-$72,000 resistance area, the overall trend will still face a new round of downward pressure.
