BITCOIN Daily Timeframe 
The movement of BITCOIN on the daily timeframe in this chart shows a market condition experiencing short-term bearish pressure after previously forming a fairly strong rally from early April to early May. The price, which peaked around 81,000, is now starting to move downwards and approaching a key support area. The current technical structure indicates an ongoing correction phase, although the overall trend has not fully shifted to bearish as the price is still above several key historical supports. From the moving average indicators, the MA 100 marked by the blue line appears to be flattening out after previously showing a strong upward slope. This indicates that the bullish momentum is starting to weaken. Meanwhile, the red MA 200 is still above the price and gradually moving downwards. The position of the MA 100 below the MA 200 suggests that in the long term perspective, the main trend of BITCOIN has not completely returned to bullish. The increase since April appears more as a recovery or retracement phase within the larger bearish structure that previously dominated the market. The current price is around 74,500 and is close to the important horizontal support area of 74,188. This area is crucial as it has been a price reaction point several times during the previous uptrend. If this support manages to hold, then there is still a reasonable chance of a technical rebound. However, if selling pressure continues and the price closes below that area on the daily timeframe, the potential for further decline will increase. The next support is around 70,487. This zone is a strong demand area as it was the starting point of a bullish impulse in early April. If the price drops towards this area, the likelihood of buyers attempting to defend the market is quite high. However, if the 70,487 support fails to hold, BITCOIN may continue its decline towards the 64,932 area and the major support around 60,003. These levels are crucial to maintain the medium-term bullish structure from turning fully bearish. On the other hand, the nearest resistance is around 76,500 to 79,000. This zone previously acted as a distribution area when the price failed to sustain its upward momentum in mid-May. Sellers were quite aggressive in applying selling pressure in that area, causing the price to move downwards again. If buyers manage to push the price back above this resistance area, the opportunity for a strengthening towards 84,271 will reopen. The 84,271 resistance itself is a major resistance close to the position of the MA 200, making it a potentially very strong supply zone. Psychologically, the price movement failing to hold above 80,000 indicates that the market is still overshadowed by significant profit-taking actions after the previous rally. Daily candles in recent sessions also show a dominance of bearish bodies with increasingly clear lower highs. This lower high structure is an early signal that short-term bearish pressure is starting to dominate the market. In addition, the long upper shadows on some previous candles indicate that sellers are actively appearing whenever the price tries to move higher. The flattening MA 100 also reinforces the indication that the market is losing trend momentum. In many cases, when the price moves around the MA 100 without a clear direction, the market is usually entering a distribution or consolidation phase before determining the next direction. Therefore, the 74,188 support area becomes a very important point to observe in the coming days. Price reactions to this level are likely to determine the next direction of BITCOIN. If a bullish scenario unfolds, a rebound from the current support area could bring the price back towards 76,500 to 79,000. A breakthrough above that resistance would be a positive signal that buyers are starting to regain control of the market, with further targets towards 84,271. However, as long as the price remains below the MA 200, the upside potential is likely to remain limited and vulnerable to renewed selling pressure. Conversely, if the 74,188 support is breached with significant volume, bearish pressure could increase significantly. In that scenario, the next downside targets are around 70,487 and then 64,932. Declines towards these levels will confirm that the market is entering a deeper correction phase after the previous rally failed to form a strong new bullish trend. Overall, the technical analysis of BITCOIN on the daily timeframe currently indicates a market in a short-term bearish correction phase amidst efforts to maintain a medium-term recovery structure. The MA 100 and MA 200 still show that the overall trend has not fully turned bullish, while the 74,188 support remains the determining point for the next direction. As long as the price holds above that support, the possibility of a rebound remains open. However, if that level fails to hold, bearish pressure could potentially drive BITCOIN further down towards the next major support area.
