You might already be aware that Bitcoin's true recovery isn't just about a good week. After touching a significant low around $60,000 in early February, the cryptocurrency recently rallied and tested the $74,500 region, naturally bringing it close to a key level many traders are watching: $75,000.
Currently, Bitcoin's chart is beginning to show a potential cup and handle formation, which is encouraging, although we have seen similar patterns fail before.
A very close version of this formed between November 2025 and mid-January 2026, although that pattern looked clearer than the current one and lasted for about two days. The price then pulled back downwards and continued to slide for the next three weeks until it reached its latest low.
Due to multiple lower lows, Bitcoin remains under pressure.
The price is currently below $70,000. Taken together, the structure on longer timeframes remains bearish or neutral-to-bearish.
On the weekly chart, Bitcoin experienced a lower low, then another lower low, followed by an even lower low. It has also repeatedly failed to reclaim the area from which the previous decline began.
The most significant breakdown occurred after Bitcoin lost support in the $80,000 to $90,000 high range. Once this support failed, selling pressure rapidly intensified, leading to a drop to the $70,000 region.
From here, traders are watching two potential outcomes: either Bitcoin is attempting to form a bottom, or this is merely a pause before another decline. Currently, the chart leans towards an attempted bottom, but it has yet to show confirmed reversal signals.
Bitcoin's 50-week moving average is $59,088, while its 200-week moving average is $98,359, meaning Bitcoin is above the former but far below the latter, leading Cryptopolitan to believe that macro pressure will remain tight.
As long as the price remains below approximately $98,400, bulls cannot take control of higher timeframe price action. Therefore, the market is currently in an in-between state, with support at the bottom and significant resistance at the top.
Bitcoin must break $75,000 to sustain its recovery footing
The first immediate resistance zone is $75,000 to $76,000. This is the top of the current weekly candle and also a region tied to an early bearish neckline.
Unless Bitcoin breaks this position, bulls will have no hope. Above it lies the larger resistance band of $80,000 to $90,000, with $88,000 to $92,000 being particularly significant. This area was once support and has now flipped into resistance.
Higher up, the biggest hurdle is $98,000 to $100,000, which corresponds to the 200-week moving average.
As of now, Bitcoin's open interest stands at $106.48 billion, a decrease of 6.14%, while liquidations amount to $470.3 million, an increase of 189.69%.
Meanwhile, long/short ratio data suggests traders are leaning towards longs. In Binance's BTC/USDT, the top trader's position ratio is 1.1, up 8.42%. The ratio of top trader accounts is 1.5, up 52.90%. On OKX's BTC, the long/short account ratio is 1.44, up 48.45%.
Binance's long/short account ratio is 1.46, up 59.45%. Meanwhile, Bitcoin is also on the rise,