Bitcoin Bulls Lose Steam Near $76,000, Bearish Candles Line Up

Bitcoin(BTC) stalled near the $76,000 resistance zone, with sellers gaining ground and traders watching lower support levels for signs of a deeper retreat.

BTC Rejection At Key Resistance

Bitcoin hit heavy selling pressure inside the $74,000 to $76,000 band, failing to push higher. The top of that range has capped recent attempts at a breakout.

Analyst Kamile Uraypointed to $70,467 as the key pivot on the 4-hour chart.

As long as Bitcoin holds above that mark, the setup leaves room for another attempt at the upside, with $79,000 the next target and $98,000 a broader macro level to watch.

A break below $70,467 would flip the picture, opening the path toward support between $68,000 and $66,000.

Also Read:Bitcoin Signals Supply Shock As Wholecoiner Exchange Transfers Crash To 2018 Lows

Minga Flags Bearish Engulfing

Analysts note that Bitcoin is now ranging above the prior weekly high on lower timeframes, a sign of hesitation among buyers. A bearish engulfing candle followed the rejection at the top of the rising channel, and the next 4-hour candle closed as an inverted hammer.

Both patterns usually warn of downside continuation. A clean break under $73,700 could speed a move toward the lower edge of the rising wedge, Minga said, with $65,000 back in play if that structure fails.

Bitcoin slid below $90,000 earlier this year and has traded in a choppy range since, testing recovery attempts at each resistance level.

Read Next:World Liberty Financial Demands Insiders Burn 10% Of Their WLFI Or Stay Locked