Usman Salis
⬤ Bitcoin is still moving through a correction phase after hitting several major price targets. The market initially dropped through $84K down to $62K, then bounced back to reach $70K. Now, traders are watching for another leg down from the $70K area toward $60K, and recent price movement shows the market pulling back from resistance levels.
⬤ The charts show a clear rejection happening inside a supply zone where sellers took control and pushed prices sharply lower. This decline came after a short-selling opportunity emerged following the rejection, confirming that upward momentum was fading. The structure suggests the bounce was just a temporary pause rather than the beginning of a real recovery, keeping downside risks front and center.
⬤ Right now, $74K is the key level that matters most. If Bitcoin manages to climb above $74K, the bearish outlook weakens and the chances of a new rally increase. But staying below that threshold keeps the bearish case alive and maintains the path toward $60K as the next logical target.
⬤ Bitcoin is sitting at a critical turning point where breaking above resistance could spark renewed buying interest, while failing to do so keeps the correction in charge. How the market behaves around $74K will likely decide whether we see a reversal higher or continued downside pressure.
Usman Salis
