FX.co ★ Melsiafy | #Bitcoin chart analysis

Bitcoin is sitting at a critical decision point right now, and honestly, this doesn’t feel like a clean breakout setup — it feels more like distribution. On the D1 chart, price pushed up toward the upper boundary of the descending channel and tapped the 73244 resistance level, but the reaction there was very telling. Every time price approaches this zone, sellers step in aggressively, and the repeated long upper wicks show clear rejection. To me, this isn’t random — it looks like stronger hands are offloading into late buying pressure. From a technical perspective, momentum isn’t convincing either. The RSI(14) is hovering around 57, which puts it in a neutral zone. It’s not strong enough to support a breakout, and at the same time, it’s starting to lose upward momentum. That kind of behavior near a key resistance usually signals hesitation, not strength. Unless we see a strong breakout above 73244 backed by clear volume and a solid higher timeframe close, I think upside is limited. A confirmed break above that level could open the door toward 80k+, but right now, the market doesn’t look ready for that move. What feels more likely is a rejection leading to a corrective phase. If price starts to roll over, the first area I’m watching is around 62700, which acted as support before. But if momentum continues to weaken, I wouldn’t be surprised to see a deeper move toward the 50k zone, possibly even 45k. These levels align with the lower boundary of the broader structure and represent strong psychological zones. I’ve seen this kind of setup before, and it rarely ends well for late buyers chasing the top of a channel. The market tends to punish that behavior with sharp pullbacks. For now, I’m leaning bearish unless price proves otherwise. The key level to watch on the downside is 68582 — if that breaks, the move lower could accelerate quickly.