Bitcoin is currently experiencing significant downward pressure following a rejection at the mid-range resistance level of approximately $68,000. This development raises the possibility of a corrective move towards the critical support level around $60,000. The ongoing bearish market structure remains intact, suggesting that traders should remain vigilant.
After an attempt to stabilize within its broader trading range, Bitcoin was unable to reclaim the pivotal resistance region near the point of control (POC) located at $68,000. This area has historically influenced market direction, and the inability to maintain price above it reflects underlying structural weaknesses. Sellers appear to dominate the market, especially in lower timeframes, reinforcing a bearish sentiment.
Rather than shifting towards an upside breakout, Bitcoin has begun to rotate lower within its established trading range. This behavior increases the likelihood of revisiting the range low support around $60,000, which coincides with the yearly low. As such, the market remains entrenched in a corrective phase, lacking clear signals of recovery unless key resistance levels are successfully reclaimed.
One of the most critical technical observations is Bitcoin”s failure to maintain its position above the mid-range resistance. This area represents the point of control where the majority of recent trading volume has been concentrated. A sustained acceptance above this level would have indicated a shift towards bullish momentum; however, the recent rejection instead confirms ongoing distribution.
Following this rejection, Bitcoin recorded a local low, further emphasizing its bearish internal structure. The market often trends through a series of lower highs and lower lows when sellers are in control, and Bitcoin“s current price action fits this pattern. Although price briefly bounced after interacting with liquidity below recent lows, the recovery lacked sufficient volume confirmation.
Without a robust influx of buying pressure, temporary relief rallies are likely to serve only as pauses rather than genuine reversals. This lack of conviction among market participants underscores ongoing hesitation to aggressively accumulate positions at current price levels.
Recently, Bitcoin tapped into resting liquidity near the lower boundary of its value area, a move typically expected to attract buyers looking for discounted entry points. However, the subsequent market reaction was subdued, failing to produce the aggressive bullish momentum that would indicate a shift in market dynamics. This behavior suggests that the market could still be in a redistribution phase, where prices rotate lower to find stronger demand.
As long as Bitcoin continues to trade below the critical mid-resistance at $68,000, sellers maintain structural control. Each failed attempt to reclaim this level increases the probability of further downside exploration.
Technically, the next significant target for Bitcoin is the range low support near $60,000. This area serves as a major liquidity pool and aligns with the yearly low within the broader range structure. Markets tend to oscillate between extreme ranges when equilibrium at the midpoint cannot be established. Given the continued rejections and weakening momentum signals, a move towards the $60,000 support level seems statistically more likely.
The $60,000 level is poised to act as a crucial decision zone. Should Bitcoin reach this point, market watchers will be keen to see if buyers step in to defend this support or if a drop below opens the door to a deeper corrective phase.
In summary, from both a technical and market structure perspective, Bitcoin remains in a bearish stance while it trades beneath the $68,000 mid-resistance. Unless Bitcoin can reclaim and maintain a position above this level, the likelihood favors continued downside movement towards the $60,000 support. Short-term bounces may occur, but they are expected to remain corrective until bullish volume resurfaces and structural resistance is overcome.
