Bitcoin has faced strong rejection around the $76,000 resistance zone, signaling that bullish momentum is beginning to fade at higher levels. With selling pressure increasing and key support levels now in focus, the market is entering a critical phase where a breakdown could start to take shape if buyers fail to regain control.
Rejection At $74,000–$76,000 Caps Bitcoin’s Momentum
Bitcoin faced a firm rejection after pushing into the $74,000–$76,000 resistance zone, highlighting strong selling pressure at the top of the range. The inability to sustain momentum above this region suggests that bulls are struggling to take full control, leaving price vulnerable to short-term pullbacks.
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According to analyst Kamile Uray, the $70,467 level on the 4-hour chart has now become a critical pivot point. As long as BTC continues to hold above this level, the structure remains supportive of further upside.
If a breakout above resistance occurs with strong volume confirmation, Bitcoin could extend its rally toward the $79,000 level. Beyond that, $98,000 stands as the next major macro target to monitor. However, repeated rejection at resistance combined with a breakdown below $70,467 would weaken the structure and likely open the door for a move into the $68,000–$66,000 support region.
On the daily timeframe, the $65,666 level remains a crucial foundation for the broader trend. Staying above it preserves the bullish outlook in the bigger picture, but a decisive close below this level would signal growing weakness. In that scenario, BTC could revisit support zones at $63,823, $62,433, and $60,000, with a daily close under $60,000 potentially confirming a more extended bearish phase.
Bearish Engulfing Hints At Shift In Market Control
In a recent BTC update on the 4-hour timeframe, analyst Minga revealed that the price is currently ranging above the previous weekly high on lower timeframes, indicating a period of consolidation after the recent upward push. While holding above this level suggests some underlying strength, the lack of follow-through highlights growing hesitation among buyers.
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On the 4H chart, Bitcoin pushed into the upper boundary of its rising channel but was met with a strong rejection. The move was followed by a bearish engulfing candle, a pattern that often signals a shift in momentum at key resistance zones.
The first 4H candle of the new day attempted to reclaim upside momentum but ultimately closed as an inverted hammer. Such a formation typically reflects a potential continuation to the downside.
Bears are gradually stepping in and building a stronger case for a pullback. A decisive break below the $73,700 level could accelerate the move toward the lower boundary of the rising wedge. If that structure breaks to the downside, Bitcoin could extend its decline toward the monthly open region around $65,000 over the coming weeks.
Featured image from Getty Images, chart from Tradingview.com
