Bitcoin Bulls Burn Through Oversold Relief as Downtrend Reasserts Itself

Bitcoin is currently hovering around the $69,000 mark and is picking up some momentum on the lower timeframes. As covered in our previous analysis, BTC has been rangebound between the $60,000 support and the $72,000 to $75,000 resistance zone for the past couple of months, with the macro downtrend remaining firmly intact throughout. Last month did bring a brief spell of upside as Bitcoin pushed above $72,000, but the move stalled at the $75,000 psychological barrier and price pulled back shortly after. The broader trend that has been in place since the October crash last year remains unchanged and bulls have yet to put together anything convincing enough to challenge it. Let us take a closer look at the latest Bitcoin charts to see where price could be headed from here.

Our Bitcoin Price Prediction Summary

• Bitcoin remains rangebound between $60,000 and $75,000 with the macro downtrend still intact and no meaningful shift in structure across any timeframe.
• The relief rally fueled by oversold RSI conditions has run its course after facing a strong rejection at $75,000, with the RSI no longer providing the same tailwind.
• The $60,000 floor is the key level to watch in the coming days, with a break below it opening the door to a deeper correction.

Analyzing the Charts

Short Term Relief but Bigger Picture Unchanged

Looking at the 4-hour chart, Bitcoin is experiencing some relief after bouncing off the $65,500 support level following the pullback from $75,000, though this does not affect the bigger picture much. Price is now running into immediate resistance at $69,500 and a clean break above that level would open the door for a retest of the $72,000 zone. On the flip side, a rejection here would likely send price back down to the $65,500 support and a break below that level would make a retest of the $60,000 floor increasingly likely. Either way, the short term could go in either direction from here while the broader downtrend continues to remain intact.

Daily Structure Remains Intact

Switching to the daily timeframe, not much has changed since our last analysis. Bitcoin remains stuck within the same $60,000 to $75,000range it has been trading in since the October correction last year, with price printing lower highs followed by periods of consolidation before rolling over again. The bounce from the $65,500 support level was anticipated and while it offers some short-term relief, it does little to change the broader picture. Nothing in the current structure suggests the correction is over and a retest of the $60,000 floor looks like the next significant move from here. How price reacts at that level will be worth watching closely, as a failure there would open the door to a deeper correction.

Weekly Trend Remains Firmly Bearish

Switching to the weekly timeframe, the macro downtrend remains intact and the bearish divergence we have been monitoring for months is still active with no signs of invalidation. Price continues to trade below the 50 EMA, adding further weight to the bearish case on this timeframe. The oversold RSI conditions we highlighted in previous analyses did produce a small relief rally as expected, pushing price up to the $75,000 mark, but that move has since been halted by the strong rejection there. With the RSI having recovered slightly from those oversold levels, the conditions that fueled that bounce are no longer as compelling, which makes another meaningful push to the upside harder to justify from here. Given the bigger picture, there is not much to suggest a recovery is on the cards anytime soon and our Bitcoin price prediction continues to lean on the bearish side for the mid to long term.

Final Takeaway: What is Next for Bitcoin?

Bitcoin continues to trade within the same range it has been stuck in for months and the brief bounce from $65,500 has done little to shift the narrative. The macro downtrend remains intact across all timeframes and with the RSI no longer in oversold territory, the case for another relief rally is not as strong as it was. The $60,000 floor remains the key level to watch and how price behaves there will likely set the tone for Bitcoin's next significant move.