FX.co ★ #Bitcoin chart analysis

Bitcoin (BTC/USD) – Daily (D1) Technical Analysis. The Bitcoin Daily (D1) chart shows that the market remains under strong bearish pressure despite the recent rebound from the latest swing low near the $58,000–$60,000 demand zone. Price is currently trading around $63,928, attempting to stabilize after an extended decline that started from the previous major highs above $120,000. The overall trend structure remains negative because the price continues to trade below both the short-term moving average (red) and the long-term moving average (green), confirming that sellers still control the broader market direction. The short-term moving average is sloping downward and is acting as dynamic resistance, while the long-term moving average near the $82,000–$84,000 region continues to point lower, highlighting that long-term momentum has not yet shifted in favor of buyers. Recent candles indicate that buying interest has emerged around the psychological $60,000 level, preventing a deeper decline and forming a temporary base. Volume has also increased during this consolidation phase, suggesting that both buyers and sellers are actively defending key levels before the next directional move. However, the inability to produce higher highs and sustained closes above immediate resistance keeps the market vulnerable to another selling wave. The nearest resistance is located around $64,500–$66,000, followed by stronger resistance near $70,500 and $78,000, where previous support has now turned into resistance. On the downside, immediate support remains at $60,000, while a decisive breakdown below this area could expose $58,000 and potentially $55,000. The daily price structure still reflects lower highs and lower lows, which is the classic definition of a bearish trend. Until Bitcoin closes decisively above the falling short-term moving average and confirms a higher high, every rally should be viewed cautiously as a potential corrective bounce within the prevailing downtrend. Market participants should also monitor macroeconomic developments, including U.S. inflation data, Federal Reserve policy expectations, institutional ETF flows, and overall risk sentiment, as these factors continue to influence Bitcoin's medium-term direction.

From a trading perspective, patience remains essential because Bitcoin is approaching a technically important decision zone. Aggressive buyers should wait for a confirmed daily close above $66,000 with increasing volume before considering fresh long positions, as such a breakout would improve the probability of a recovery toward $70,500, $74,000, and eventually $78,000. A reasonable bullish trade setup could involve an entry above $66,000, with a stop-loss below $62,500 and take-profit targets at $70,500, $74,000, and $78,000, while managing risk according to position size. Conversely, if the price fails to overcome the immediate resistance and forms bearish rejection candles around the moving average, sellers may regain control. In that case, a short position below $62,500 could target $60,000, $58,000, and $55,000, with a protective stop-loss above $66,000. Traders should pay close attention to volume confirmation because breakouts without strong participation often result in false moves and rapid reversals. The current market environment favors disciplined risk management rather than aggressive positioning, as volatility remains elevated. Although the recent bounce from support demonstrates that buyers are defending the lower boundary, the overall technical evidence still favors caution until the daily trend changes. A sustained recovery requires higher highs, higher lows, and a successful break above both moving averages, none of which have been confirmed yet. Therefore, the broader outlook remains bearish to neutral, with short-term recovery attempts likely to face selling pressure unless accompanied by strong bullish momentum and improving macroeconomic sentiment. Traders should remain flexible, respect key support and resistance levels, and avoid emotional decisions while waiting for confirmation before committing to either bullish or bearish positions.