Bitcoin’s recent weekend rebound is encountering significant resistance, as several analysts on TradingView express caution regarding the sustainability of this upward movement. Despite a brief uptick, experts are largely viewing the rebound as a retest rather than a definitive reversal.
Three key insights emerged from different analysts, all indicating that Bitcoin continues to face challenges below critical resistance levels. SHAY_ANALYTICS remains bearish, highlighting that Bitcoin is trading below former triangle support and within the Ichimoku cloud, indicating that the current downside bias persists. The analyst suggests that immediate resistance is located around $73,200, with major resistance positioned near $75,600. They outline potential downside targets at $54,000 and $47,500, emphasizing that former support has now turned into a resistance level. Any rally into this zone could trigger additional selling unless Bitcoin can assertively reclaim it.
In a more short-term analysis, Milad_sangari notes that Bitcoin has broken beneath an ascending parallel channel on the one-hour chart and is now retesting this former support as resistance. The rejection zone identified falls between $63,600 and $63,980, a critical area that also aligns with significant Fibonacci retracement levels. This makes it a crucial point for traders aiming to differentiate between a healthy rebound and a failed retest.
DomicChaina also supports this sentiment through analysis on the four-hour chart. They point out that Bitcoin’s recovery around $63,500 remains below the exponential moving average (EMA) cluster, which ranges from $64,050 to $64,970. Although they see a potential for Bitcoin to rise slightly toward the $64,000 to $65,000 range, they warn that this could turn into a supply zone if buying pressure weakens.
The bearish outlook presented by these analysts is not absolute but rather conditional. They note that if Bitcoin can reclaim and maintain its position above key resistance levels, the bearish sentiment may quickly dissipate. However, until such a breakthrough occurs, the technical charts signal that Bitcoin remains susceptible to downward movement.
Traders are now focused on whether the recent recovery can evolve into a more sustainable upward trend. A failure to hold near the $64,000 to $65,000 area would continue to pressure lower support levels, while a decisive break above this range could force short sellers to reevaluate their positions, potentially igniting a stronger rally.
As the situation unfolds, traders are advised to remain cautious and vigilant, monitoring Bitcoin’s performance closely to assess whether the current rebound has enough momentum to reverse the prevailing bearish sentiment.
