Bitcoin hovered around $74,000 after Tuesday’s Wall Street open, cooling off after a push to six-week highs near $76,000.
Traders pointed to heavy resistance in the $74,000 to $79,000 area, with some warning that the move higher could fade.
$68K level back on traders’ radar
Telegram channel Technical Crypto Analyst said BTC was moving higher inside a rising channel but warned that rejection at current levels could send price back toward $68,000.
The channel wrote:
“Bitcoin is trending upward inside a rising channel and approaching the $74K–$79K resistance zone; while structure remains bullish above the trendline, a rejection from current levels could trigger a pullback toward the $68K support area.”
Bear market debate continues
Trader Roman argued that higher time frames still did not show signs of a bottom.
Roman wrote on X:
“Still nothing on HTF that suggests the bear market has bottomed. No divs, no volume at lows, no reversal pattern, etc.”
Trader Jelle also pointed to the 0.618 Fibonacci retracement level as a key marker in prior bear markets.
Jelle told X followers:
“Even if we don’t get the usual drawdown, I’m pretty sure the boredom chop is coming. Patience.”
Gold tests $5,000 as BTC/XAU watched
Macro conditions were calmer than earlier in the week, with US stocks modestly rebounding and WTI crude oil remaining below $100 per barrel.
Gold retested $5,000 support for a third straight day, raising more discussion about Bitcoin potentially outperforming the metal.
Crypto analyst James Easton commented on the weekly BTC/XAU chart:
“Stand by for the outperformance of the decade.”
