Bitcoin had a chance to break higher today, but the move failed to gain real traction, according to one chart analyst who says the setup still points to a bear market where upside attempts tend to fizzle out more often than they succeed.
Why Rally Attempts Keep Failing
The main issue, according to the analysis, is that any move higher right now is fighting against the broader trend rather than confirming a real reversal. That makes these bounce attempts inherently fragile, even when short-term momentum looks encouraging. The overall pressure remains tilted to the downside, though the analyst noted Bitcoin can still grind modestly higher before the larger trend reasserts itself.
Where Support Currently Sits
Bitcoin’s wider support zone sits between $59,317 and $62,436, per the analysis, an area that has held so far and continues to suggest the market retains some underlying strength. Within that broader range, a tighter support area runs from $62,886 up to $63,775, and is being tested now, marking the most immediate zone traders are watching for signs of stability.
Resistance Level That Hasn’t Broken Yet
On the upside, the key resistance level sits near $64,470, a swing high that formed on Tuesday. That level has held firm so far, and the analyst said a confirmed move above it would be the first real sign that a short-term low is actually in place. Until that happens, the recent bounce off support is being treated as a pause within the larger downtrend rather than a genuine turnaround.
What Happens If Support Breaks
The analyst pointed to one final level worth watching closely: the recent August low, sitting at $62,220. A confirmed break below $62,220 would hurt the case for a rally toward $69,000, a target tied to the idea that Bitcoin could still complete a larger corrective bounce toward the $69,000 to $72,000 range if support continues to hold.
If that lower level breaks instead, the analyst said buyers would need to defend an even lower support region, and the odds of reaching that $69,000 to $72,000 zone would meaningfully decrease.
What Comes Next
For now, the analyst expects Bitcoin to attempt another push higher in the coming sessions, though there’s no confirmed signal yet that a genuine reversal has begun. The next moves in both the $62,886 support zone and the $62,220 invalidation level will likely determine which direction the market leans from here.
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