Bitcoin has now been in a downtrend for six months and the chart is not offering any fresh reasons for optimism. The story has not changed in weeks. Price bottomed out near 61,000 in mid-February, staged a modest recovery into the low 70s, and has been chopping sideways in that range ever since without any meaningful attempt to reclaim the overhead moving averages. It is the kind of slow, exhausting price action that tends to shake out the remaining bulls before any real bottom is confirmed.
Where we stand:
Price is currently trading at 71,963, up a marginal 0.21% on the day and sitting in the middle of the range it has occupied for the past six weeks. The EMA 100 (83,619) and EMA 200 (75,429) are both declining above, and while the EMA 200 is now within closer reach than it has been in months, price has yet to make a serious attempt at reclaiming it. Every push toward the 74,000-75,000 area has faded, and the pattern of lower highs within the broader downtrend remains intact. The fact that the wider macro environment is under pressure right now adds another layer of difficulty for any recovery attempt.
The key question remains the same one it has been for weeks. Is this range a base being quietly built before a move higher, or is it simply a consolidation before the next leg down toward 61,000 and potentially below?
Levels to watch:
75,429 (EMA 200) is the level that defines everything right now. Price has been knocking on the door of this level for weeks without breaking through. A daily close above it with conviction would be the first structural shift worth paying attention to in months and would open the door toward the EMA 100 at 83,619.
83,619 (EMA 100) remains a distant target but the one that would genuinely signal a trend change. Both EMAs are still declining, so even reclaiming them does not guarantee a full reversal, but it would at minimum end the pattern of lower highs that has defined this bear market.
61,000 is the February swing low and the level that cannot be lost. A daily close below it would break the only higher low bulls have to point to and open up a much more serious conversation about deeper downside toward the 50,000-55,000 area.
Bias: Bearish below 75,429. The structure has not changed and the EMAs remain overhead resistance until price proves otherwise.
Invalidation: Daily close above 75,429 (EMA 200) with follow-through toward 83,619.
Not financial advice. Trade your own plan.