Bitcoin has stabilized after falling from the mid-$80K region, trading near $65K after bouncing from the $60K demand area. The recovery has formed higher lows on lower timeframes, but the broader trend remains challenged as BTC trades beneath key moving averages and several overhead resistance zones. The daily chart shows the asset below both the 100-day moving average near $69K and the 200-day moving average around $72K. On the 4-hour chart, Bitcoin broke below an ascending structure and is now retesting it. The adjusted spent output profit ratio (aSOPR) has started recovering toward the neutral 1.0 level, suggesting easing profit-taking pressure.
Bitcoin has stabilized near $65K after bouncing from the $60K demand area, though the broader structure remains tilted to the downside according to price analysis.
The first major resistance sits at $67K, where price is currently testing a previously established supply zone. A successful breakout above this region could expose the next resistance cluster around $72K to $74K.
On the downside, the $60K support area remains the key level to monitor. Below that, the broader demand region around $54K to $56K would likely become the next destination if sellers regain control.
Momentum has improved modestly, with the RSI climbing back toward the midline after recovering from oversold territory. The indicator has yet to enter strong bullish territory.
The 4-hour chart presents a more worrying picture, as Bitcoin broke below the lower trendline of an ascending structure following the June selloff. The asset is currently retesting this pattern, shifting near-term momentum in favor of sellers.
The market is now consolidating inside the $65K to $66K resistance zone, just below the pattern, where sellers have seemingly stepped in. A decisive close above this area could trigger another leg higher toward the $67K region.
The adjusted spent output profit ratio (aSOPR) has remained below the neutral 1.0 level for several months, reflecting an extended period of subdued profitability.
The 30-day EMA of the aSOPR has started to recover and is gradually moving back toward the equilibrium line. This improvement suggests that profit-taking pressure is easing as the market stabilizes.
If the aSOPR reclaims and sustains levels above 1, it would indicate that realized profitability has returned without triggering aggressive distribution. Another decline below the neutral threshold would imply that market participants remain hesitant.
