Bitcoin Challenges $75,000 Again as Short Squeeze Risk Builds

Bitcoin is currently hovering around the $73,500 mark and has shown some encouraging signs of momentum over the past few days. As covered in our previous analysis, BTC has been trading within the consolidation zone between $60,000 and $72,500 since the February correction, with no major developments strong enough to push price in a clear direction. The ongoing conflict between the US and Iran has been the primary driver of market volatility throughout this phase, keeping sentiment uncertain and traders cautious. However, the mood has shifted somewhat in recent days. The US stock market has had a strong bullish week and that optimism has spilled over into crypto, with Bitcoin now pushing toward the $75,000 mark once again and forcing a wave of short liquidations in the process. It is early days but there are some signs of life worth paying attention to. Let us take a closer look at the latest BTC charts to see where price could be headed from here.

Our Bitcoin Price Prediction Summary

• Bitcoin is pushing toward the $75,000 to $76,000 resistance zone with short liquidations building, making this retest more significant than previous attempts.
• The daily chart shows no confirmed trend reversal yet, but a clean break above $75,000 would be the first such signal since the October crash.
• The weekly macro trend remains bearish with the bearish divergence still active, keeping the short-term outlook neutral until price confirms its next move.

Analyzing the Charts

Bulls Recover Strongly on Lower Timeframes

Looking at the 4-hour chart, Bitcoin broke out last Tuesday and climbed steadily, pushing above the $72,500 level before running into a brief rejection there. What was nice to see was how bulls responded to that pullback, finding immediate support at $70,500 and using it as a launchpad for a sharp move higher over the past couple of days that took price as high as $76,000. Right now, BTC is taking a breather on the lower timeframes and is still struggling to flip the $75,000 level into solid support, which is the key thing to watch here. With momentum looking healthier than it has in months, there is a real possibility that price finally pushes through this time. Shorts are already being liquidated around the $75,000 zone and the Bitcoin liquidation heatmap shows a significant pocket of liquidity sitting around the $76,500 mark as well, which could act as a magnet if buying pressure holds up. A clean break above this zone would be the shift bulls have been waiting for since the October correction.

Daily Chart Hints at Possible Trend Shift

Switching to the daily timeframe, Bitcoin is currently pressing up against the ceiling of the consolidation zone it has been stuck in for months. The daily chart has not been painting a particularly bullish picture throughout this period, with no clear sign of a trend reversal and price largely going sideways. But the current test of the $75,000 level is different from previous attempts, with short liquidations building over the past couple of days and the risk of a short squeeze growing. If that plays out and Bitcoin manages to close a daily candle or two above $75,000, it would be the first real sign of trend reversal we have seen on this timeframe since the October crash. Should that happen, the next level to watch on the upside would be around $85,000.

Weekly Trend Still Bearish but Watch This Level Closely

Switching to the weekly timeframe, the macro trend remains intact and not much has fundamentally changed on this timeframe. Bitcoin has printed several green candles in recent weeks but none of that has been enough to shift the broader structure. The bearish divergence we have been tracking for months has not been invalidated and price is still trading below the 50 EMA, which continues to reflect bear market conditions. The weekly RSI did push into oversold territory last month and has since recovered, with Bitcoin now slowly climbing and challenging the $75,000 to $76,000 resistance zone as buyers gradually gain confidence. How price reacts to this zone over the next few days will be the most important thing to watch. For now, our Bitcoin price prediction in the short term is leaning neutral until we see how this plays out.

Final Takeaway: What is Next for Bitcoin?

Bitcoin is at an interesting spot right now. The push toward $75,000 to $76,000 is more compelling than previous attempts, with short liquidations picking up and the stock market providing a tailwind. That said, the macro trend on the weekly chart has not changed and the $75,000 level has been a stubborn barrier for months. How price closes on the daily and weekly charts over the next few days will likely set the tone for Bitcoin in the weeks ahead, and that is what we will be watching closely.