Bitcoin’s attempt to hold recently reclaimed support faltered on Thursday as bulls lost momentum and traders warned the broader bear market may not be over.
Key points:
– Bitcoin failed to hold support around $69–70K after a brief rebound.
– Traders remain cautious across short and long time frames.
– Analysts say it’s likely premature to declare the bear market finished.
BTC price weakness resumes below $70K
BTC/USD slid back toward $67,000 as daily losses topped 1% after buyers failed to sustain gains above $70,000. The pair had risen to roughly $70,040 the previous day as buyers pushed toward two notable technical levels: the 200-week exponential moving average (EMA) and the prior 2021 all-time high.
Price could not hold those zones. Analyst Rekt Capital noted the 200-week EMA is now “acting as resistance,” warning that while Bitcoin remains under that moving average, historical patterns favor further downside.
Other traders highlighted how the rally stalled after clearing a ladder of liquidity below $69,000, with momentum dissipating once those areas were absorbed. Market participants urged caution rather than declaring a trend change, noting the rejection against previous cycle highs and shorter-term trend lines.
“Yesterday’s $BTC rally pushed price straight into the previous cycle highs & the 12h trend, and then rejected. The trend remains clear – be cautious & take it slow,” one trader summarized.
“Probably premature” to call bear market over
Rekt Capital and others argued that by historical measures, the current bear market is still young. The shortest previous Bitcoin bear lasted 365 days; Bitcoin was about 140 days into this bear cycle at the time of the rebound, suggesting it may be too soon to assume the downturn has ended.
Another trader pointed to standard drawdowns in prior cycles, which often approached 80% from peak to trough. Bitcoin’s maximum drawdown from its October 2025 all-time high of $126,200 to the 15-month lows in February amounted to roughly 53%. That leaves a wide gap to the typical 80% declines seen in earlier cycles.
“One bounce and suddenly everyone is calling for the bottom on $BTC,” a trader wrote, advising patience and noting that monthly and weekly timeframes showed no clear signs of reversal.
Market view
The recent failed reclaim of support highlights persistent resistance at key technical levels and a market still susceptible to further downside until longer-term moving averages and higher time-frame structures show convincing flips to support. Short-term rallies can be powerful, but analysts stress that a few days of strength do not yet invalidate a broader bear regime.
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