Bitcoin has rebounded after sweeping liquidity beneath the June lows, but the recovery is now approaching a critical resistance cluster. While momentum has improved in the short term, the broader structure remains bearish until BTC reclaims several major resistance levels overhead.
The daily timeframe shows Bitcoin continuing to trade below its key moving averages, with both the 100-day and 200-day moving averages sloping lower and acting as dynamic resistance. The market remains structurally bearish after losing the $72K-$74K support zone in June, which has now flipped into a major supply area.
Key Resistance Levels
However, the recent price action is becoming more constructive, with BTC successfully defending the $58K-$61K support region and producing a sharp bounce from the lower boundary of the broader descending structure. The daily RSI has formed a bullish divergence, with momentum making higher lows while the price registered comparable or lower lows around the June bottom.
Short-Term Outlook
The immediate challenge lies around $65K-$67K, where a major resistance zone intersects with the descending upper trendline. A successful breakout above this area would likely trigger a larger recovery toward the former breakdown region near $72K-$74K. Conversely, rejection from the current resistance cluster would reinforce the prevailing bearish structure and increase the probability of another move toward the $60K support area.
Market Sentiment
The Spot Average Order Size metric provides insight into the behavior of larger market participants, with recent data showing that whale-sized transactions continue to dominate activity despite Bitcoin trading near local lows. Combined with the bullish RSI divergence on the daily chart and Bitcoin’s defense of the $58K-$61K support zone, the data suggests accumulation interest may be emerging around current levels
Based on reporting from crypto.news.
