Bitcoin is trading under pressure on the H4 timeframe, hovering around the 76,700 area after failing to sustain momentum near recent highs. The broader market sentiment remains mixed, as investors weigh macroeconomic uncertainty alongside shifting risk appetite.
The cryptocurrency market is currently influenced by external factors, including expectations around US monetary policy and overall liquidity conditions. A relatively firm US dollar and cautious sentiment across global markets are limiting bullish continuation in Bitcoin. At the same time, institutional flows appear to be slowing, contributing to weaker upside momentum.
Technical Analysis
On the H4 chart, Bitcoin previously moved within a well-defined ascending channel, reflecting a controlled bullish structure. However, recent price action shows signs of weakness after rejecting from a key supply zone near the 78,000–79,000 area, which aligns with a Fibonacci retracement level.
The rejection from this area suggests that sellers are stepping in, with price now struggling to maintain higher levels. A lower high structure is beginning to form, indicating a potential shift in short-term momentum.
From current levels, Bitcoin is likely to continue its downside correction, with the next target seen around 70,500. This level represents a key support and potential liquidity zone. As long as price remains below the rejection area, the bearish scenario remains dominant in the near term.
Conclusion
Bitcoin is showing early signs of a corrective phase after failing to break higher within its previous bullish structure. With macro uncertainty and weaker momentum in play, the market may continue to move lower in the short term.
The 70,500 area remains the next key downside target, while any recovery would require a decisive break above the recent supply zone. Until then, the bias stays bearish