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$BTC is currently trading around the 68,000 dollar zone after a sharp correction from its previous highs. The market structure over the past few months clearly shows a strong rally followed by a heavy pullback and now a consolidation phase. This kind of price action is normal after an aggressive bull run, especially when macro uncertainty and profit taking enter the market. #btc70k
Right now Bitcoin is sitting at a very critical level. The 65,000 to 66,000 area is acting as immediate support. As long as price holds above this zone, bulls still have a chance to push higher. However, if this level breaks with strong selling pressure, we could easily see a move toward the 60,000 to 61,000 region, which is considered a major long term support area.
On the upside, the first resistance sits near 70,000. A strong daily close above 72,000 would change short term sentiment and could open the door toward 75,000 to 78,000. That zone previously acted as support and is now a key barrier. A clean breakout above it would signal strength returning to the market.
Looking at indicators, RSI on the daily timeframe is hovering near oversold territory. Historically, whenever Bitcoin’s RSI dropped this low, it either consolidated for some time or produced a relief rally. This suggests selling pressure may be slowing down. However, MACD still shows bearish momentum, which means bulls need confirmation before celebrating.
Another important factor is institutional activity. Recently, Bitcoin ETFs have seen some outflows, showing that big funds are cautious in the current environment. At the same time, on chain data suggests that large holders and whales are slowly accumulating. This creates a very interesting setup where retail fear and smart money positioning are happening at the same time.
Macro conditions also play a major role. Federal Reserve policy remains tight, and interest rate expectations are keeping risk assets under pressure. Whenever bond yields rise or the dollar strengthens, Bitcoin tends to struggle. If economic data starts softening and rate cut expectations increase, Bitcoin could regain momentum quickly.
Short term outlook for the next few days suggests Bitcoin may continue ranging between 65,000 and 72,000. A breakout from this range will likely define the next major move. If support holds, a bounce toward 72,000 to 75,000 is possible. If it fails, the market could test 60,000 before finding stronger demand.
Mid term outlook over the next few weeks remains neutral to slightly bullish as long as 60,000 holds. This level is extremely important. Losing it would shift the structure more bearish. Holding it could build a strong base for the next leg up later in 2026.
Right now the market sentiment is cautious, even fearful. Historically, extreme fear has often appeared near local bottoms. The big question is whether Bitcoin is building a base before the next expansion or preparing for one more shakeout.
Traders should focus on key levels, avoid emotional decisions, and watch volume carefully. The next decisive move will not be small. Bitcoin is compressing, and whenever compression happens, expansion follows.
Are you expecting a breakout above 72,000 or a dip toward 60,000 first?
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