Foreign media commentators believe that Bitcoin encountered resistance this week in the $67,000 to $77,000 range, making the market cautious about the sustainability of this rebound. The article states that the recovery after the early June lows is more like a correction than a trend reversal.
The rebound structure remains weak.
The article notes that this rally exhibits a weaker three-stage rebound pattern rather than a stronger, sustained upward structure. Similar patterns appeared earlier this year, following the lows in November and February, after which prices subsequently fell back.
The commentary stated that this kind of movement usually indicates insufficient buying momentum. Although the market has rebounded, it has not yet generated enough upward momentum to reverse the trend.
$77,000 remains a key level.
The article argues that $77,000 remains the most important upside level to watch. Until the price clearly breaks above this level, it will be difficult for the market to confirm that a bottom has been formed.
Meanwhile, Bitcoin had previously fallen below the $63,000 to $64,000 range. The article argues that this change did not weaken the bearish outlook, but rather indicates that short-term support remains fragile.
- Key level above: $77,000
- Near-end support zone: $62,000
- Next support level: $55,000 to $56,000
The support level to watch is around $56,000.
The article states that $62,000 is currently considered a significant support level, coinciding with a key level seen during the March pullback. If this level is breached, the market could next test the $55,000 to $56,000 range.
Foreign media commentators believe that a downward trend with fluctuations is more likely in the short term than a rapid and sharp drop. If subsequent developments only involve repeated back-and-forth fluctuations without stronger signals of sustained upward movement, the overall trend will remain weak.
