Bitcoin Price Analysis: How Important Is It For BTC To Retrace 70K Resistance?
Bitcoin’s recent decline in the $60K region has caused a strong volatility, and the asset is now trying to stabilize near a key demand base. Both high and low time indicators suggest that the market is approaching a decision point, the strong momentum adds another layer of sensitivity.
Bitcoin Price Analysis: Daily Chart
In the daily time frame, Bitcoin continues to trade within a well-defined descending channel, making regular highs and lows. The last sale price pulled right into the $60K–$63K asking price, where buyers responded and prevented a quick downward trend.
However, the broader structure remains bearish. The price is still below the 100-day and 200-day moving averages, both of which are down and acting as strong resistance. The $75K–$80K region now stands as a key supply zone, coinciding with the previous structure of the split and serving as a major first hurdle in the event of a recovery.
As long as BTC remains below channel resistance in the center and moving averages, any retracement should be considered a correction. Continuous holding above the $60K base is important; otherwise, renewed selling pressure may push the price to deeper levels within the channel.
BTC/USDT 4-Hour Chart
On the 4-hour time frame, Bitcoin is consolidating within a strong congruent triangle following a sharp rally from the $60K lows. The plot shows a short-term equilibrium after major volatility, with the upper boundary acting as dynamic resistance and the ascending lower line providing near-term support.
Assets are currently tightening near the apex, indicating a potential breakout is imminent. A bullish breakout above the triangle could trigger a move to the $74K–$76K resistance area, which coincides with the area of the previous breakout and offer zone. On the other hand, a break to the downside would expose the $60K demand area and potentially open the door to a deep liquidity sweep.
Analyzing Emotions
The Estimated Leverage Ratio on Binance has recently dropped significantly near the price, indicating that a large portion of the leveraged positions have been removed from the market. This mitigation phase minimizes immediate systemic risk and suggests that excess speculative exposure has already been eliminated.
Currently, the average levels are stabilizing at lower readings compared to previous peaks. While this reduces the chance of an aggressive long squeeze in the near term, it also means that any new expansion of the ratio could increase the next breakout from the current consolidation.
All in all, Bitcoin is at a critical stage technically. The price covers above the daily high demand area, the short-term structure is depressed, and the rate is reset. The next directional move will likely be driven by a key breakout from the 4-hour triangle, with $60K as the key downside and the $75K region as the first upside barrier.
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