Bitcoin It is showing increasing signs of weakness as downward pressure continues to build below a critical technical level. With key support areas now under threat and reversal patterns starting to form, Bitcoin could enter a decisive pullback phase that could determine the next major market trend.
Buyers continue to lose momentum as the decline deepens
Cryptocurrency analyst Camille Ouray male Bitcoin buyers still look vulnerable as the market faces another wave of downward pressure. The analyst explained that if BTC drops below the key bottom At $74,929, it could confirm the completion of the final shoulder in the developing OBO structure while remaining below the previous low near $76,044.
Unless Bitcoin can achieve a decisive 4-hour candle close above $78,213, the downtrend is likely to continue. A sustained breakdown below $74,929 could open the door for a deeper decline towards the $71,000-68,000 area, which has been identified as a major upside zone. Fibonacci Support area.
Camille Ouray further explained that if the buying is stronger batch If Bitcoin eventually breaks out of those lower levels, Bitcoin may attempt another rebound. During any upward move, the market will need to overcome resistance around $98,000, followed by the larger resistance area between $107,000 and $109,000.
However, if Bitcoin struggles to maintain its strength above the recent peak near $126,199, the risk of another major corrective phase will remain active. In the event of a much deeper decline, Camille Ouray emphasized that the $60,000 level emerges as a crucial long-term support area that could play a major role in the future market direction.
Bitcoin’s bullish reversal structure begins to turn bearish
Another cryptoanalyst Merry__PT has male Bitcoin’s recent price movement is undergoing a major structural shift. While the market initially formed a distinct W bottom, a classic signal for a bullish reversal, this structure is now developing into a head and shoulders top, which has historically been seen as a symbol of a bearish reversal.
The most important technical element to monitor going forward is the blue horizontal fundamental neckline. This support area acts as the basis for both the current building And the possibility of a greater shift in direction. Once this neckline was clearly defined and widely recognized market Participants, the head and shoulders formation will gain great validity.
If the price confirms a break below this level, the pattern will likely move from a mere technical observation to a real catalyst for a sustained pullback. Beyond this structural axis, the next monthly candle close is key, acting as a pivot to measure future sentiment and market direction.
