While Bitcoin has been fluctuating at the level of 73 thousand dollars in recent hours, the charts shared by two different analysts show that the price is facing a critical decision point. On the one hand, some technical indicators point to a weakening of the upward momentum, while other analyzes point out that short positions have been closed and the selling pressure has eased.
Technical Analysis: Bearish Signal in 5 Waves
In the evaluation made by the analyst named Man of Bitcoin on the 4-hour chart, it is stated that Bitcoin is traded around $ 73,280. The expert noted that the short-term price movement indicates a five-wave bearish formation. This structure is considered as a signal that the power of buyers is starting to decrease, especially after the recent strong increases.
The analysis chart shows that Bitcoin has rebounded sharply from the upper resistance zone at $82,750 in May and fallen back towards the support range. The price then started searching for support around the $69,900 to $72,900 range.
The supports determined based on Fibonacci levels stand out as 72,920, 71,579 and 69,906 dollars, respectively. If there is a recovery from one of these areas, the price may first jump to 78 thousand dollars. However, unless $82,750, which stands out as resistance, is exceeded, the short-term bearish scenario remains valid.
It is emphasized that if Bitcoin loses the current support box, the next critical thresholds may occur at $64,974 and $60,223. In a more negative scenario, the range of 57 thousand to 52 thousand dollars may stand out as a potential target during the summer. In order for the rise to gain strength again, it may be necessary to exceed $ 82,750 first, then 87,220 and above 95,181 and 97,990 dollars.
Mini glossary: Elliott Wave Analysis is a technical analysis approach to predict market trends through repeating wave structures on price charts. It is especially used to detect trend reversals and corrections.
| Level | Price (USD) | Situation |
|---|---|---|
| upper resistor | 82,750 | It is necessary to overcome in order to rise |
| Main support range | 69,900 – 72,900 | Region to be monitored in the short term |
| lower support | 64,974 / 60,223 | Could be a target in case of fall |
| More negative target | 57,000 – 52,000 | In case of stronger selling pressure |
Decrease in Short Positions in Futures Markets
In another analysis, analyst CW points out that Bitcoin is balanced around $ 73,356 on the one-hour chart. According to market data, while open positions in futures contracts decrease, an increase in “net position delta” indicates that short positions are closed.
CW shared that the price has fallen forward between 77 thousand and 78 thousand dollars in recent days and found support at 73 thousand dollars, while the decrease in active contracts and the increase in position delta in futures transactions indicate that short positions have ended.
A decrease in open position indicates that investors are exiting existing futures transactions or not creating new contracts. Net position delta measures the total long and short position difference in the market, allowing to monitor direction changes more clearly.
As a result, while the short selling pressure has eased, the price is still hovering below $74,000 to $75,000. The range between $72,500 and $73,000 is watched as a support zone in the short term. If this area remains above, Bitcoin may attempt to rise to $74,500 and $75,500 once again. If there is a breakout, it is commented that the selling pressure may come to the fore again.
Mini dictionary: Open Interest is the total number of active contracts in the futures market. Net Position Delta shows the difference between long and short positions; It may be one of the first signals of a change in direction in the market.
| Area | Price Range (USD) | Technical Status |
|---|---|---|
| short term resistance | 74,000 – 75,000 | It is important to pass |
| Current support | 72,500 – 73,000 | The level at which the price holds |
| recovery on | 74,500 – 75,500 | Ascension attempt may come |
