Bitcoin (BTC) struggled to find footing around $70,000 after a rapid rejection from the $76,000 range high and a subsequent sell-off below $70,000, sparking concern among traders that the market bottom may not yet be set.
Chartered market technician Aksel Kibar warned a bearish wedge pattern — similar to the one from December 2025 to January 2026 — might be forming again. He said a breakdown of the lower boundary could signal a move toward $52,500 and noted that BTC needs to respect its year-long average as part of a “chop and search for a base.” Kibar also suggested the pattern could evolve into a rising wedge, typically bearish, potentially testing the $73,700–$76,500 support area. (Chart source: X / Aksel Kibar)
Bitcoin’s drop under $70,000 followed heavy selling in US equities as rising crude oil prices and fears about the US–Israel–Iran conflict pushed investors to reassess inflation risks. Market sentiment shifted quickly: where markets had priced several rate cuts earlier in the year, The Kobeissi Letter noted they now see roughly a 50% chance of a Federal Reserve rate hike by the end of 2026.
Glassnode’s BTC Options Weekly report observed that Bitcoin “has reintegrated its range after a short-lived deviation above the $75K level.” Analysts said short gamma positioning at $75K has been unwound and that the earlier breakout has lost momentum, with range conditions returning beneath the pullback.
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