Although Bitcoin shows a weak appearance on short-term charts, it is stated that the upward trend in wider time frames has not completely disappeared. Cryptocurrency analyst SuperBro stated that a possible downward formation has formed on the daily chart, but the long-term technical structure still produces stronger signals.
Downside risk in the short term, critical support in the long term
According to the analyst, Bitcoin is stuck within an ascending channel after a sharp pullback on the daily chart. Some investors interpret this structure as a bearish flag. If this formation breaks downwards, new targets around $51,000 and $47,000 may come to the fore.
Despite this, SuperBro argued that the reliability of the structure in question may be limited. This is because the pattern is developing just above the 200-week simple moving average. This level has stood out as an important support point in previous bull cycles.
SuperBro stated that the preservation of the 200-week simple moving average in the monthly view, despite the weak structure seen on the daily chart, supports a more constructive picture for Bitcoin.
Also noteworthy in the charts is order book data, which points to strong buying support below the current price. Liquidity heat maps show that short positions are concentrated in certain regions. If Bitcoin moves up, the compression of these positions is among the factors that can move the price faster.
The 66 thousand dollar level is on the agenda again
Another cryptocurrency analyst, CryptoWZRD, noted that Bitcoin remained below an important resistance zone after the US Federal Reserve’s latest interest rate decision. According to the analyst, the next meaningful direction of the market will depend on whether buyers can reclaim the $66,000 level.
Bitcoin declined sharply after reaching the $72,000 level at the beginning of the month, and then found balance between $60,000 and $64,000. However, the price is still trading below the broken trend line and important resistance levels. This indicates that the recovery has not yet been confirmed.
How are the upstream and downstream scenarios shaping up?
According to CryptoWZRD, a move above $66,000 could indicate that the bullish momentum is regaining strength. In such a case, the resistance areas around $72,000 could be retested. On the other hand, failure to recover this level may cause Bitcoin to remain in a directionless and fluctuating price movement.
In the evaluation shared by the analyst, attention was also drawn to the range between 45,000 and 48,000 dollars as the long-term bottom zone. However, the fact that the current price remains significantly above this area indicates that the market has not yet priced in a deeper deterioration.
Two technical levels now stand out in the market. The first is the 200-week simple moving average in terms of the long-term outlook, and the second is the $66,000 resistance in terms of the short and medium-term recovery. Investors are watching to see which of these thresholds Bitcoin will produce a persistent signal in the wake of the post-Fed volatility.
