Bitcoin Refuses to Break Free as Bearish Pressure Keeps Recovery Attempts in Check

Bitcoin is currently trading around the $68,500 mark and continues to move sideways in the short term. As covered in our previous analysis, BTC pushed past $72,000 in the latter half of March but ran out of steam at $75,000, a historically significant resistance level that was always going to be a tough ask for bulls to crack. Three months on and Bitcoin finds itself in the same familiar range, with the $60,000 level acting as the floor and the $72,000 to $75,000 zone continuing to cap any recovery attempts. There are some early signs of bulls trying to push higher on the lower timeframes but the bigger picture remains stagnant. Recent price moves have been driven more by geopolitical developments than anything on the charts, and the market is still struggling to find any real direction. Let us take a closer look at the latest BTC price charts to see where price could be headed from here.

Our Bitcoin Price Prediction Summary

• Bitcoin remains rangebound within the $60,000 to $75,000 range with the latest rejection at $75,000 confirming that the broader downtrend is still very much intact.
• The daily and weekly structure continues to print lower highs with no signs of a meaningful shift, suggesting the correction is not over yet.
• 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 Bounce Fails to Change the Bigger Picture

Looking at the 4-hour chart, Bitcoin has bounced off the $65,200 support level once again and is now pushing toward the immediate resistance at $68,800, trying to find enough momentum to break above it. A clean move through that level would likely set up a retest of the $72,000 zone, though given the broader market conditions, any push toward that area is unlikely to amount to much more than another failed attempt. On the downside, a rejection at $68,800 would bring the $65,200 support back into focus fairly quickly and this time around the level looks increasingly likely to give way, which would put the $60,000 area firmly in play as the next destination in the coming days.

Daily Chart Offers Nothing New

Switching to the daily timeframe, not much has changed since our last analysis. Price did retest the $75,000 level as anticipated and faced a strong rejection there, which was not surprising given where the broader trend stands. Bitcoin is still grinding within the $60,000 to $75,000 range, printing lower highs with periods of consolidation in between before rolling over again, the same pattern that has been repeating since the October correction last year. Nothing in the current structure suggests the correction is over and the risk of further downside in the coming weeks remains very real. A retest of the $60,000 floor looks like the next move from here, and how price reacts at that level will be worth watching closely given that a failure there could 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, which only adds 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. The RSI has since recovered slightly from those oversold levels, which raises the question of whether the conditions that fueled that relief rally are still in place or whether bulls have already used up that window. Given the bigger picture, there is not much to suggest a meaningful recovery is on the cards 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 remains stuck in the same range it has been trading in for months and the latest rejection at $75,000 has done little to change that. The short-term momentum on the lower timeframes is worth monitoring but with the daily and weekly structure still pointing lower, there is not much to get excited about from a bullish perspective. The $60,000 floor is the key level to watch in the coming days and how price behaves there will likely determine the next significant move for Bitcoin.