Bitcoin price faces growing downside risks after rejecting major resistance near $69,700. Weak bullish volume and loss of key support levels now raise the probability of a corrective move toward $62,000.
Summary
- Rejection at $69,700 0.618 Fibonacci resistance confirms weakness
- Loss of Point of Control signals bearish short-term structure
- $62,000 support becomes next key downside target
Bitcoin’s (BTC) recent recovery rally appears to be losing momentum after price action encountered strong resistance at a critical technical zone. The market briefly pushed higher but failed to sustain acceptance above a key Fibonacci resistance level, signaling exhaustion among buyers.
Bitcoin price key technical points
- Major Resistance: $69,700 aligns with the 0.618 Fibonacci retracement level.
- Structural Shift: Bitcoin has closed below the Point of Control, signaling rejection.
- Downside Target: Weak volume increases the probability of a move toward $62,000 support.
Bitcoin recently traded into a major resistance cluster around $69,700, a region defined by both historical supply and the 0.618 Fibonacci retracement. This level typically represents a decisive barrier during corrective rallies, often separating continuation from rejection. Price action briefly tested the zone but failed to establish acceptance above it, leading to a clear rejection signal.
The rejection becomes more significant when viewed through volume dynamics. Despite the upward move, bullish participation has remained relatively weak compared to prior impulsive expansions. Rising prices without corresponding volume expansion often indicate a lack of conviction among buyers. Instead of sustained accumulation, the rally appears driven more by short-term positioning rather than strong market demand.
Following the rejection, Bitcoin has now moved back below the Point of Control (POC) of the current trading range. The POC represents the price level with the highest traded volume and often acts as equilibrium within a market structure. Losing this level on a closing basis suggests that buyers failed to maintain control, confirming resistance rather than reclaiming it.
This structural development shifts short-term bias toward consolidation or correction, even as Indiana lawmakers approved House Bill 1042, known as the Bitcoin Rights Bill, sending the measure to Governor Mike Braun for final approval and reinforcing ongoing institutional and legislative engagement with digital assets.
From a market structure perspective, Bitcoin remains within a broader trading range rather than a confirmed bullish trend. Failed breakouts at key Fibonacci resistance frequently lead to rotational moves back toward lower liquidity zones. In this case, the next logical destination sits near $62,000, where high timeframe support and prior demand previously triggered strong reactions.
A corrective move toward $62,000 would not necessarily invalidate the broader bullish outlook. Instead, such a pullback could represent a healthy reset following a weak rally attempt. Markets often revisit strong support zones to rebuild liquidity before initiating sustained directional moves. The absence of strong bullish volume during the recent rise reinforces this scenario, suggesting the market may require further consolidation before another expansion phase develops.
Conversely, an increase in bearish volume could accelerate downside momentum toward deeper support zones if sentiment deteriorates further, especially as Bitcoin remains roughly 50% below its all-time high with a growing share of supply now held at a loss following months of sustained selling pressure.
Overall, Bitcoin’s technical landscape currently reflects hesitation rather than strength. The inability to reclaim resistance combined with fading bullish volume suggests that upside momentum is weakening, placing increased importance on upcoming support reactions.
What to expect in the coming price action
Bitcoin’s next directional move will likely depend on whether buyers can quickly reclaim lost volume support. Failure to do so increases the probability of a corrective move toward $62,000, while a reclaim of the POC would invalidate the bearish scenario and restore bullish continuation potential.
Source: https://crypto.news/bitcoin-price-risks-correction-to-62000-as-bullish-volume/
