Bitcoin’s recent price movement, closing six consecutive days in the red, is a rare bearish pattern that may signal temporary relief. Despite today’s gains, a sustained bullish shift requires Bitcoin to close above key levels. For a bullish reversal to be confirmed, Bitcoin needs to:
1. Close the week above $70,000. Until this level is sustained, bearish sentiment is likely to persist.
2. Achieve a weekly close above $74,000 to establish a bullish bias and potentially break into new highs.
While Bitcoin may briefly trade above $70,000, a quick reversal could happen, as seen last week when selling pressure intensified above this level. On Ethereum’s daily chart (ETHUSDT), we also see a minor relief, not a bullish reversal—highlighting that the market naturally fluctuates between gains and losses.
For now, the correction seems incomplete, and lower prices are expected in the near term.
Thank you for reading.
