Bitcoin (BTC) Price Prediction: Consolidation Likely as Macro Downtrend Remains Intact

Bitcoin is currently trading around the $68,000 mark and continues to struggle for momentum on the lower timeframes. Not much has changed since our last price analysis as BTC remains locked in a broader downtrend, still working through the aftermath of a heavy sell-off over the past couple of weeks. The price has now entered a cooling off period and selling pressure appears to be slowing down, which could bring some short-term relief in the form of consolidation or a slight push toward upper resistance level. That said, the overall trend remains firmly bearish and any short-term recovery should be viewed with caution. Let's take a closer look at the latest Bitcoin charts to see where the price could be headed in the coming days.

Our Bitcoin Price Prediction Summary

• Bitcoin is consolidating between $60,000 and $72,000 following a rejection from the $72,000 to $74,000 resistance zone.
• The broader downtrend remains intact with the daily chart printing lower highs and $54,000 as the next downside target.
• Weekly RSI is in oversold territory for the first time in years, hinting at short term relief but the overall bias remains bearish.

Analyzing the Charts

Consolidation Between Key Levels

Looking at the 4-hour chart, Bitcoin has been moving sideways after rejecting the crucial resistance zone between $72,000 and $74,000. The immediate support at $65,000 is holding firm for now, keeping the price contained within a broader consolidation range between $60,000 and $72,000. This range is what defines the short-term price action and as long as Bitcoin stays within these boundaries, we can expect things to remain relatively quiet. Bulls will be looking to build momentum from current levels for a potential relief rally, but until a decisive break occurs in either direction, neutral and sideways price action remains the most likely scenario in the near term.

Downtrend Remains Intact on the Daily Chart

Switching to the 1-day timeframe, the downtrend that has persisted for months remains very much intact. Price continues to print lower highs and gradually surrenders each support level following a brief period of consolidation, a pattern we have seen play out before. We witnessed the same behavior around the $85,000 level when it was holding as support, and a similar scenario could now unfold as price consolidates above the $60,000 mark. With the macro trend firmly bearish, a reversal at current levels appears unlikely. The more probable outcome is that the current consolidation phase eventually gives way to a retest of lower levels, with $54,000 being the next key area to watch.

Macro Picture Still Favors the Bears

Not much has changed on the weekly chart as the bearish divergence we have been tracking for months continues to play out and Bitcoin remains below the 50-EMA on the higher timeframes. This is why our current Bitcoin price prediction maintains a bearish bias. However, there is one notable development worth keeping an eye on as the weekly RSI has dropped into oversold territory for the first time in years. Historically, this kind of extreme reading has preceded some form of relief, meaning we could see a few weeks of stabilization or even a bounce from current levels. That said, the broader structure remains weak and how Bitcoin responds over the coming weeks will be telling in terms of whether this is temporary relief or the beginning of a more meaningful recovery.

Final Takeaway: What is Next for Bitcoin?

Bitcoin remains in a broader downtrend with the overall structure still favoring the bears across all timeframes. In the short term, price is likely to consolidate within the $60,000 to $72,000 range following the rejection from the $72,000 to $74,000 resistance zone, with $65,000 acting as the immediate support level to watch. The daily timeframe continues to print lower highs and a retest of the $54,000 level remains a real possibility if current support gives way. The one silver lining is the weekly RSI hitting oversold territory for the first time in years, which could bring some temporary relief or stabilization in the coming weeks. For now, $60,000 remains the level to watch and how Bitcoin behaves around this level in the coming weeks will be crucial.