Bitcoin price has rejected significant resistance near $69,700 and faces increased downside risk. Bearish bullish volume and the loss of a key support level now increase the likelihood of a correctional move towards $62,000.
summary
- Rejected at $69,700 0.618 Fibonacci resistance confirms weakness
- Loss of control point gives bearish signal on short-term structure
- $62,000 support is the next major downside objective
Bitcoin ($BTC) The recent rally rally appears to be losing momentum after price movements encountered strong resistance in key technical zones. The market briefly rose, but failed to sustain acceptance above key Fibonacci resistance levels, suggesting buyer fatigue.
bitcoin price Important technical points
- Main resistance: $69,700 matches the 0.618 Fibonacci retracement level.
- Structural changes: Bitcoin closed below the control point, indicating a rejection.
- Downside target: Weak volume increases the likelihood of a move towards the $62,000 support.
BTCUSDT (4H) chart, source: TradingView
Bitcoin recently traded into a major resistance cluster near $69,700, an area defined by both historical supply and the 0.618 Fibonacci retracement. This level is usually the decisive barrier in a corrective backlash, often making the difference between continuation and rejection. Price movements briefly tested the zone, but failed to establish acceptance beyond it, leading to a clear rejection signal.
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Rejection becomes more important when viewed through volume dynamics. Despite the uptrend, bullish participation remains relatively weak compared to previous impulsive expansions. Price increases without a corresponding expansion in volume often indicate a lack of buyer satisfaction. Rather than sustained accumulation, the rally appears to be driven more by short-term positioning than strong market demand.
The rejection sent Bitcoin back below the point of control (POC) of its current trading range. The POC represents the price level with the highest trading volume and often acts as an equilibrium within the market structure. Losing this level on a closing price basis suggests that buyers were unable to maintain control and confirmed resistance rather than regaining it.
Even though Indiana lawmakers approved House Bill 1042, known as the Bitcoin Bill of Rights, and sent the bill to Governor Mike Brown for final approval, reinforcing continued institutional and legislative commitment to the digital asset, this structural development shifts short-term bias toward consolidation or modification.
From a market structure perspective, Bitcoin remains within a wide trading range rather than confirming a bullish trend. A failed breakout at a key Fibonacci resistance often leads to a rotation back towards a lower liquidity zone. In this case, the next logical destination is around $62,000, where higher timeframe support and advance demand previously caused a strong reaction.
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A corrective move towards $62,000 does not necessarily invalidate the broader bullish outlook. Rather, such a pullback could represent a healthy reset after an attempt at a weak rally. Markets often revisit strong support zones to rebuild liquidity before initiating a sustained directional move. The lack of strong bullish volume during the recent rally reinforces this scenario and suggests that the market may need further correction before another expansion phase develops.
Conversely, if sentiment worsens further, an increase in bearish volume could accelerate downside momentum towards a deeper support zone, especially as Bitcoin is still around 50% below its all-time high and is currently taking losses as its share of supply increases following months of sustained selling pressure.
Overall, Bitcoin’s technical landscape currently reflects more hesitation than strength. The inability to regain resistance and the weakening of bullish volume suggests that the upward momentum is weakening and the importance of future support reactions increases.
What to expect from future price trends
Bitcoin’s next direction will likely depend on whether buyers can quickly regain lost volume support. Failure to do so would increase the likelihood of a corrective move towards $62,000, but a recovery in POC would invalidate the bearish scenario and restore the possibility of bullish continuation.
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