FX.co ★ Jackroay | #Bitcoin chart analysis

The rejection from the recent peak at 75,821 was sharp and decisive, and I see that as a clear signal that sellers are still firmly in control of the short-term structure. Since then, BTCUSD has slipped below the 50-period moving average, and what concerns me more is not just the break, but the fact that this moving average is beginning to slope downward. That typically reflects a shift in momentum rather than just a temporary pullback. Right now, I’m focused heavily on the interaction between price and the 200-period moving average around the 68,884 zone. This level is not just another support—it aligns almost perfectly with a rising trendline, making it a technically critical confluence area. If BTCUSD prints a strong four-hour close below this region, I would interpret that as a structural breakdown rather than a simple liquidity grab. In that case, I expect acceleration to the downside, with potential targets near 66,572 and then deeper into the 64,259 support area, which previously acted as a strong demand zone. The RSI at 32.15 tells me there’s bearish pressure, but not yet exhaustion, meaning the market still has room to push lower before we can realistically expect a strong reversal. I don’t see any reason to rush into shorts at support, and I’m personally avoiding premature longs because there’s no convincing reversal signal yet—no pin bars, no engulfing patterns, nothing that suggests buyers are stepping in with strength.

I can’t ignore the possibility that BTCUSD is simply forming another higher low within a broader bullish structure. If bulls manage to defend the 68,884–69,555 region, then this entire move could turn into a consolidation phase rather than a trend reversal. I’ve noticed that on the H4 timeframe, there are still attempts to push higher, with price repeatedly testing resistance zones around 70,040 and 71,196. However, each rally attempt has been met with selling pressure, which tells me that bears are still active on every push up. I think the market is currently compressing, potentially forming a range between roughly 68,000 and 73,000. If BTCUSD can break and hold above 71,000–73,000, that would shift my bias more bullish, opening the path toward retesting 75,800 and possibly extending toward 85,000–87,000 in a breakout scenario. But until that happens, I see rallies as corrective rather than impulsive. I also recognize the impact of large players in this market—when whales offload significant amounts, like the 1,000 BTC sell event mentioned, it can distort price action and create sharp, emotional moves. That’s why I remain cautious and avoid overcommitting in either direction. From my perspective, the market is not offering a clean edge right now, and forcing trades in such conditions usually leads to unnecessary losses. Conclusion: BTCUSD is at a decisive technical junction where the 68,500–69,000 zone will likely determine the next major move. I am staying neutral until I see confirmation—either a breakdown below support, which would favor a bearish continuation toward 64K and possibly lower, or a strong bullish reclaim above moving averages and resistance levels, which would signal continuation toward new highs. Right now, patience is the most valuable strategy.