Bitcoin faces continued pressure following a decisive technical breakdown from a large ascending channel. While a rebound from the $60,000 support region occurred, the asset remains below critical resistance levels and key moving averages, leaving sellers in control. Analysts note that reclaiming the $72,000 to $75,000 zone is crucial for any bullish reversal.
Bitcoin’s price has confirmed a bearish breakdown below a multi-month ascending channel, accelerating selling pressure. This pushed the asset toward a major support zone around $60,000, where buyers intervened to halt the decline.
The selloff drove Bitcoin well below its 100-day and 200-day moving averages, signaling a significant deterioration in market structure. The loss of the 100-day moving average, a key dynamic support, suggests sellers continue to control the broader trend.
Following the sharp decline, BTC staged a modest recovery toward the $64,000 region. However, this rebound remains weak compared to the magnitude of the preceding drop.
The first major resistance now sits between $65,000 and $68,000, where a previous support area has turned into supply. A more critical resistance zone is located around $72,000 to $75,000, coinciding with the 100-day moving average and the lower boundary of the broken channel.
On the downside, the $60,000 region remains the most important support level. Losing this zone could expose Bitcoin to a deeper correction toward lower liquidity clusters.
The 4-hour timeframe shows the price has formed a short-term ascending channel, indicating a corrective recovery rather than a confirmed trend reversal. A recent rejection from this channel’s upper boundary suggests bullish momentum remains limited.
As long as the price remains below the $65,000 to $68,000 supply zone, the current rebound appears corrective. A successful breakout above $68,000 could open the door for a move toward the larger $72,000 to $74,000 resistance cluster.
Sentiment analysis via funding rates shows they remained predominantly negative throughout much of the recent decline, indicating short positions dominated. More recently, funding rates have shifted back into positive territory, suggesting that market participants are gradually rebuilding long exposure.
From a contrarian perspective, the normalization of funding after an extended period of negative readings can be viewed as a constructive development. However, current funding levels remain far below overheated conditions seen during previous bullish phases.
The derivatives data suggest bearish pressure has eased following a recent liquidation event. Bitcoin still needs to reclaim the $68,000 and $72,000-$74,000 resistance zones before a broader bullish recovery can be confirmed.
