Bitcoin remains stuck in a roughly $60,000–$73,000 trading band despite a challenging macro backdrop: Brent crude sitting at levels not seen since 2008, an active regional conflict involving the US, Israel and Iran, and a volatile equities market with the S&P 500 down about 3.95% year-to-date. Even so, buyers have repeatedly stepped in around $60,000, though material downside risks persist.
Technically, BTC’s daily chart is showing a bearish continuation picture. The first bear-flag pattern emerged when Bitcoin dropped to about $60,014 on Jan. 20, and a second flag-like structure has been forming since. Every attempt to rally into the flag’s upper trendline has been met with rejection since Feb. 8. From a charting perspective, a sustained break and multi-day close above $76,000 would be required to negate the bear-flag setup. Ideally, that break would be followed by 2–3 consecutive daily closes above $76,000 and a retest of the trendline near $75,000 to confirm a support-resistance flip.
Analysts warn of sharper downside if support gives way. Chartered market technician Aksel Kibar cautions that a breakdown of the lower boundary could target roughly $52,500. Short-term liquidation risk supports that view: Hyblock’s liquidation heatmap shows many leveraged long positions concentrated in the $63,000–$65,000 area, which would be vulnerable to a drop into that band. Beneath that zone there’s a relative liquidity gap until another cluster of margin longs around $57,500–$56,000.
Market structure and participant activity also look muted. Data from Velo indicate relatively flat demand across spot and futures, with aggregated open interest remaining under $20 billion — a level not seen since early February when BTC traded near $79,000. Traders historically buy on negative funding, but buying interest tends to wane on rallies that stall beneath the bear-flag trendline.
Absent a clear catalyst, Bitcoin is likely to drift sideways inside roughly a $10,000 range. The crucial levels traders and investors should watch are $60,000 as primary support and the roughly $70,000–$76,000 band as the critical resistance zone. Clearing and holding above $76,000 would materially reduce the immediate risk of renewed downside.
This article is for informational purposes only and does not constitute investment advice or recommendations. All trading and investing involves risk; readers should perform their own research and consider their individual circumstances before making financial decisions. The information provided here is believed to be accurate at the time of publication, but no guarantee is made regarding its completeness or future outcomes, and the author and publisher accept no liability for losses arising from its use.