Peter Smith
⬤ Bitcoin rejected hard from its range high after failing to hold above the local Point of Control (nPOC) and Range Value Area High. That rejection now points toward a slide back to the range low. BTC couldn't sustain above roughly $68,000 and is currently drifting lower inside the established sideways channel, with price hovering in the mid-$60,000s and reacting to a mix of resistance pressure and shaky technical signals. For more context, check out Bitcoin Price Holds $66K Support Zone as $68K Resistance Tests Begin.
⬤ This session's price action fits right into a broader consolidation story. Sellers have consistently stepped in near the top of the range, and BTC's latest failure to push through overhead liquidity confirms that pattern. The rejection leaves Bitcoin exposed to a retest of short-term support closer to the lower bound of the range. As volume profile and Point of Control studies show, buyers and sellers are locked in a tug-of-war at key pivot points - and the next big move will depend entirely on whether that lower support actually holds.
⬤ Sentiment among traders is cautious. BTC keeps bouncing inside the same corridor without any real breakout conviction. The upper boundary has proven its importance - every time price approaches it, sellers show up. Until there's a clean directional catalyst, expect more choppy price action. A decisive reclaim of higher ground or a breakdown below current pivots is what the market needs to pick a direction. See the broader trend picture here: BTC Bitcoin Price Analysis: Monthly Close Near $73K Will Set Trend.
⬤ How Bitcoin handles this range over the coming sessions matters beyond just short-term traders. A confirmed breakout above resistance could reignite bullish momentum and pull in fresh buyers. But if BTC can't hold near the lower end of the range, the corrective phase could stretch further and keep volatility elevated. Either way, these technical markers will continue driving positioning decisions as traders weigh risk and opportunity. Related read: Bitcoin Consolidates After POC Sweep Toward $71,100 Target.
Peter Smith
