The Bitcoin market is currently showing a consolidation phase after a strong bullish impulse that propelled the price from around 65,000 $ to 74,000 $. After this rapid rise, a technical correction has appeared and the price is now moving around the 70,000 – 71,000 $ range.
On the 4H chart, the overall structure remains positive. Despite the recent pullback, the general trend remains bullish and the current decline resembles more of a market breathing phase rather than a true reversal.
The price is now moving within a compression zone between 70,000 $ and 72,200 $. This type of configuration often appears before a significant movement, as volatility decreases while buyers and sellers neutralize each other.
If Bitcoin manages to break the resistance at 72,200 $, a new bullish impulse could emerge with targets around 74,000 $, then 76,000 $ if buying pressure continues to increase.
Conversely, a break below the psychological support of 70,000 $ could lead to a correction towards the 68,000 $ zone.
For now, the overall structure remains bullish and the market seems to be preparing for its next move.
On the 4H chart, the overall structure remains positive. Despite the recent pullback, the general trend remains bullish and the current decline resembles more of a market breathing phase rather than a true reversal.
The price is now moving within a compression zone between 70,000 $ and 72,200 $. This type of configuration often appears before a significant movement, as volatility decreases while buyers and sellers neutralize each other.
If Bitcoin manages to break the resistance at 72,200 $, a new bullish impulse could emerge with targets around 74,000 $, then 76,000 $ if buying pressure continues to increase.
Conversely, a break below the psychological support of 70,000 $ could lead to a correction towards the 68,000 $ zone.
For now, the overall structure remains bullish and the market seems to be preparing for its next move.