Bitcoin’s recent weekend rebound is facing significant resistance, as several analysts from TradingView perceive this movement as merely a retest rather than a definitive reversal. According to a chart from SHAY_ANALYTICS, BTC remains in a bearish position, trading below the previous triangle support and the Ichimoku cloud. Notably, three analysts’ perspectives indicate that Bitcoin struggles beneath critical resistance levels following a recent decline. Milad_sangari points to a breakdown and retest near the $63,600 to $63,980 resistance range, while DomicChaina asserts that the $64,000 to $65,000 zone serves as a crucial barrier unless buyers demonstrate robust follow-through. These analysts emphasize that the recent bounce has not provided sufficient evidence of sellers losing control. SHAY_ANALYTICS identified a confirmed bearish breakdown from a multi-month symmetrical triangle, asserting that if BTC remains below previous support and the Ichimoku cloud, the downside trend persists. Immediate resistance is observed at around $73,200, with significant resistance at $75,600, while targets for potential declines are set at $54,000 and $47,500. The key takeaway is the shift of former support into new resistance, where rallies may invite selling unless Bitcoin decisively closes above these thresholds. Traders focusing on shorter timeframes, like Milad_sangari, note that Bitcoin’s breakdown from an ascending parallel channel on the one-hour chart is currently testing former channel support as resistance. The highlighted rejection zone aligns with critical Fibonacci retracement levels, underscoring its significance for traders discerning between a healthy rebound and a faltering retest. DomicChaina echoed similar concerns in a longer timeframe, stating that Bitcoin’s recovery around $63,500 is still under the EMA cluster, suggesting that while BTC could rise toward the $64,000 to $65,000 range, it may face resistance if buying momentum dissipates. The bearish outlook is not definitive; rather, it presents conditional projections. Should Bitcoin reclaim and maintain above critical resistance zones, the bearish sentiment could rapidly diminish. Until that occurs, the market remains susceptible to further declines. Traders are keenly observing whether the weekend’s recovery can substantiate itself, as a failure near the $64,000 to $65,000 region would impose added pressure on lower support levels, whereas a solid break above that zone may prompt short positions to reevaluate and possibly catalyze a stronger upward movement. For now, the consensus among technical analysts is clear: while Bitcoin has shown signs of recovery, it must establish its strength in order to gain traction.
