Bitcoin is facing a significant test. After rebounding from the $60,000 region, the price has extended into the mid-$70,000 range, indicating that it is not just recovering but challenging the first real resistance level of this rebound. Therefore, the current area is crucial for the next directional move.
Bitcoin Price Analysis: Daily Chart
The performance on the daily chart has improved, but the overall trend has not fully reversed. Bitcoin is now rising back to the $75,000 to $80,000 area, which was previously a breakdown zone and has now turned into a significant supply area. At the same time, the price is again approaching the upper boundary of the descending channel and remains below the 100-day and 200-day moving averages, which are at $80,000 and $93,000, respectively.
This combination makes the current price level a key decision area. If buyers can achieve a clean daily breakout in this zone, the recovery will appear more structured. Conversely, this could again become a rejection point in a larger corrective trend. Currently, the strength of the chart has improved compared to a few weeks ago, but it has not fully repaired.
BTC/USDT 4-Hour Chart
On the 4-hour chart, the structure remains optimistic. Bitcoin continues to create higher lows and highs within its ascending recovery channel, with the latest movement pushing the price into the upper resistance band of $73,000 to $76,000. This indicates that buyers still dominate in the short term.
Momentum also remains strong, with the RSI indicator maintaining its position in the upper half of its range and recently rising again. However, the market is now at the intersection of horizontal resistance and the rising trend boundary. Therefore, further upward movement requires confirmation. If the breakout is successful, it could initiate a stronger upward phase, while a rejection here could see BTC retreat to the middle of the channel.
Sentiment Analysis
From a sentiment perspective, despite the ongoing price increase, the funding rate remains negative. This significant divergence shows that derivatives traders have not been aggressively going long, and despite the rebound, short positions remain relatively high.
This backdrop is typically supportive in the short term rather than bearish. When prices rise while funding remains subdued or negative, it indicates that this volatility is not driven by overly bullish leverage. In other words, market sentiment remains cautious, and if Bitcoin can break through resistance, there will be room for further upside, as the market has not yet reached an overheated state. A short-term liquidation wave could fuel a significant price increase.
