BITCOIN H4 Timeframe 
Based on the BITCOIN chart on the H4 timeframe, the current condition still shows a bearish tendency despite a recovery phase after a sharp decline that occurred from late May to early June. Analysis using the 100 Moving Average (blue line) and the 200 Moving Average (red line) shows that the medium-term trend structure is still under selling pressure. The MA 100 is below the MA 200 and both indicators still have a downward slope. This configuration is a classic signal that the main trend is still dominated by sellers, while any increases that have occurred so far are more corrective rather than a true trend reversal. The price movement in recent weeks shows a clear distribution phase. After moving steadily above the 76,000 to 78,000 area, selling pressure increased significantly, triggering a sharp decline to near the 59,000 area. This decline led to the formation of lower highs and lower lows, which are the main characteristics of a bearish trend. Although the price rebounded from its lowest point, this increase failed to break through the MA 100 and faced selling pressure again. This indicates that market participants still view higher levels as opportunities to sell. Currently, the price is around the 62,900 level and is right above a significant horizontal support. The first support area is at the 62,992 level. This level has been a price equilibrium point in recent sessions and has acted as a bounce area several times. The price being around this support indicates that the market is testing the strength of buyers to maintain the recovery momentum. If this support holds, the possibility of a short-term rebound remains open. The next support is at the 60,769 level. This area has more significance as it is an accumulation zone after the sharp decline in early June. The price has bounced from this area several times, showing significant buying interest. If selling pressure increases again and the 62,992 support is breached, the next downside target could be around 60,769. A valid breakthrough below this level will strengthen the bearish dominance and open up the possibility of a decline towards the major support around 59,073. The 59,073 level is the main support that currently forms the foundation of the medium-term price structure. This area is an important low point formed after a large selling wave in early June. If this support is tested again and fails to hold, market sentiment could turn much more negative as it would confirm a continuation of the downward trend on a larger scale. On the resistance side, the nearest level is around 66,424. This resistance is close to the position of the MA 100, which currently acts as a major barrier to price increases. In recent attempts, every bullish move has been rejected when approaching this area. Therefore, for the recovery momentum to develop further, the price needs to convincingly break above this resistance and hold above it. The next resistance is at the 70,889 level, which is also an important psychological area for the market. Besides being a strong horizontal resistance, this level is relatively close to the path of the still declining MA 200. If the price manages to break above the 66,424 area at some point, 70,889 will be the next upside target and a crucial test to determine whether the market can change the trend to bullish or not. Above it, there are stronger resistances at 74,516 and 78,084, which were previously distribution areas before the significant decline. From the perspective of the price relationship with moving averages, the current condition still does not support a solid trend reversal. The price is still below the MA 100 and well below the MA 200. Additionally, the MA 100 being below the MA 200 indicates that the bearish momentum still dominates the market. As long as this structure remains unchanged, any increases are more likely to be seen as corrections in a larger downtrend. The latest candlestick movements also indicate that selling pressure is increasing again after the price failed to hold near the short-term resistance. The appearance of several consecutive bearish candles indicates that sellers are still actively controlling the market direction. Although there has been no breakthrough of the main support yet, the previously formed recovery momentum seems to be weakening. Overall, the technical analysis of BITCOIN on the H4 timeframe still shows a bearish bias. The price structure below the MA 100 and MA 200, along with the downward slope of both moving averages, indicates that the main trend has not changed. The 62,992 area is the nearest support being tested by the market, while 66,424 is an important resistance that needs to be breached to improve short-term prospects. As long as the price remains below this resistance and the MA 100 stays below the MA 200, the potential for a decline towards 60,769 to 59,073 is more dominant than a sustained upward scenario. Therefore, the current technical sentiment remains bearish, although short-term rebound potential can still emerge as long as the main support is held.
