A Slips Below Key Zone: Downside Pressure Builds

According to Kamile Uray, Bitcoin is currently trading below the key blue box zone, suggesting that downside pressure may persist in the near term. Despite this, the 4-hour chart is beginning to show early signs of a potential recovery structure, with a small inverse head and shoulders (TOBO) forming. If this pattern activates, it could open the door for a move toward the $75,000 level.

Beyond that, there is also the possibility of a larger cup and handle formation developing. A successful push toward $75,000 would help shape this structure, but confirmation would only come with a strong close above that level. If achieved, it could signal continuation to the upside, especially if Bitcoin breaks above the $79,354 level, marking the first higher high on the 4-hour timeframe.

On the downside, several key support levels, such as $65,666, $62,433, and $60,000, will be closely monitored, as holding above these levels could provide a base for another upward move. However, a daily close below the $62,433–$60,000 range would increase bearish pressure, exposing deeper support levels around $55,230 and $47,256.

Looking at the bigger picture, a move toward $98,200 followed by a daily close above it would confirm a higher high on the daily chart, strengthening the case for a continued uptrend. Caution is advised, however, if the price approaches the $107,000–$109,000 zone, where a potential bearish pattern could emerge. Failure to break above the previous high in that region may trigger another downward phase.

Bitcoin Stuck In Range As Momentum Stalls

Bitcoin is currently trading around $70,413, remaining stuck within the same tight range that has held price action in place for weeks. CyrilXBT pointed out that the $72,000–$76,000 zone continues to act as a strong ceiling, with every rally into that area being met by consistent selling pressure.

On the downside, the macro trendline near $64,000 has held on two separate occasions, providing the only meaningful support structure preventing a broader bearish shift. Still, confidence in a bullish continuation remains limited until Bitcoin can secure a convincing close above $75,000. With the EMA 200 at around $86,380, still far from being relevant at this stage, the market remains in a wait-and-see phase, with traders watching for a decisive move out of the range.
source: https://www.tradingview.com/news/newsbtc:129d5663d094b:0-bitcoin-preparing-for-liftoff-or-another-drop-key-levels-to-decide/