Bitcoin’s recent bounce has brought the market back to the $70K–$72K range, but the broader framework remains fragile. The important question now is whether this rebound can evolve into a deep corrective move towards the resistance above, or if it is just a temporary reaction within a strong decline.
Bitcoin Price Analysis: Daily Chart
In the daily time frame, BTC remains within a clear descending channel, maintaining an overall bearish structure. Subdivisions below the $75K level resulted in accelerated sales that extended directly into the sought-after $60K range, where buyers eventually stepped in.
The recent recovery has brought the price back to $70K, which is also in line with the central boundary of the channel, making it a significant resistance. Nevertheless, Bitcoin is still trading below the key resistance of $75K. As long as the market remains below the $75K-$80K region, the move is technically considered a corrective reversal within the broader bearish trend.
A decisive retracement of $75K would reveal $78,915 and then $81,485 (0.702) as the next target. On the other hand, the $60K property remains the main support of the building.
BTC/USDT 4-Hour Chart
In the 4-hour time frame, the rebound from $60K appears to be rash, but the price is now approaching the short-term resistance area of $70K-$72K, which coincides with the bearish structure and previous breakout region. The market is currently pushing below this level.
A guaranteed break and consolidation above $72K could result in a continuation of the $75K critical boundary. However, failure to clear this resistance could result in renewed downward pressure, targeting $65K first and possibly re-targeting the $60K bid area if sales pick up.
Analyzing Emotions
The Bitcoin Futures Average Order size chart reveals a significant change during the recent decline. As the stock approached the $60,000–$65,000 area, several green dots appeared, representing large whale-like orders entering the market. This cluster of green dots near the bottom of the zone suggests that major players are starting to pile up during a panic-driven sell-off.
However, red dots appeared following the latest rebou, indicating sales-driven activity. Recent whale participation at lower prices increases the likelihood that the $60K region will attract strategic accumulation rather than random buying, while a sell-driven reversal points to a possible consolidation phase followed by a bullish recovery.
If this whale job returns around $65K-$80K, it strengthens the case for continued multiples. However, for the structure to change meaningfully, Bitcoin must return to $80K. Despite that renewed demand, the broader daily trend remains well within the bearish framework.
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