Bitcoin price has been rejected near the upper boundary of its trading range, reinforcing range-bound conditions and weakening short-term momentum. Failed attempts to break higher and the loss of key volume support increase the probability of a move toward $60,000.
Summary
– Rejection at the value area high (~$72,000) confirms resistance.
– Loss of the Point of Control (POC) and range mid support signals bearish momentum.
– A move toward the $60,000 range low is the next key downside target.
Price action overview
Bitcoin (BTC) remains confined within a broader consolidation range. Recent rallies into the range top lacked conviction, with sellers stepping in near the $72,000 value area high. Those shallow rejections suggest overhead supply is dominant and buyers are unable to sustain a breakout.
Technical structure
The market lost the Point of Control, the price level with the highest traded volume within the range. Losing the POC on a close implies the market is accepting lower prices and reinforces a bearish short-term structure. Bitcoin is also trading and closing below the range midpoint on the four‑hour timeframe, a pattern often preceding rotations toward range lows.
Market dynamics
Bitcoin continues to print lower highs within the range. Without reclaiming lost volume support, upside momentum is limited. Failed breakouts commonly lead markets to seek liquidity at lower boundaries, especially when volume doesn’t confirm bullish continuation. The recent rally attempt did not show expanding participation—behavior more consistent with defensive positioning than with accumulation.
Downside target and risks
The next critical level sits near $60,000, the established range low and major support zone. A move to that level would complete another rotation within the consolidation. A decisive breakdown below $60,000 would represent a structural shift and could accelerate bearish momentum, exposing deeper support levels.
Outlook
Short-term bias remains bearish while price trades below the range mid and the POC. Continued weakness and lack of renewed buying pressure increase the likelihood of a move toward $60,000, where the next major structural reaction is expected. Bulls need to reclaim the POC and reestablish acceptance above the range midpoint to reduce downside risk.