Bitcoin struggled to hold roughly $70,000 after a swift rejection from the $76,000 area and a subsequent sell-off below $70,000, leaving traders worried the market’s low may not yet be in.
Chartist Aksel Kibar warned a bearish wedge resembling the December 2025–January 2026 formation could be re-emerging. He said a break beneath the wedge’s lower boundary might open a path toward about $52,500, and that BTC needs to respect its year-long average while it ‘chops’ and searches for a base. Kibar added the structure could morph into a rising wedge — typically a bearish setup — potentially testing support around $73,700–$76,500. (Chart source: X / Aksel Kibar)
Bitcoin’s slide under $70,000 followed heavy selling across U.S. equities as rising crude oil and renewed fears around the US–Israel–Iran situation prompted investors to reassess inflation risks. Where markets had earlier priced in multiple rate cuts for the year, The Kobeissi Letter says they now see roughly a 50% chance of a Federal Reserve rate hike by the end of 2026.
Glassnode’s BTC Options Weekly noted that Bitcoin has largely returned to its prior range after a short deviation above $75K. Analysts observed that short-gamma exposure at $75K has been unwound, the breakout lost momentum, and range conditions reasserted themselves beneath the pullback.
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