BTC price gains lost momentum after hitting one-month highs as more traders joined bearish predictions of Bitcoin’s next move.
Bitcoin (BTC) gave back some gains at the open on Wall Street on Thursday as traders hoped that bids would increase.
Main points:
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Bitcoin is losing ground after hitting $74,000 and is now eyeing a possible recovery of support.
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Bid support remains strong on exchanges as an encouraging signal for a trend reversal.
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Bearish BTC price forecasts are confident of a rally squeeze.
Bitcoin bulls run out of steam at monthly highs
Data from TradingView tracked a 1.5% drop in BTC prices on the day as the market retreated from local highs of $74,000.
Now in the process of testing key long-term levels as potential new support, BTC has benefited from easing selling pressure on crypto exchanges.
“Binance’s order book horizon has a very strong upside, the OB imbalance is not too negative, so it remains bearable,” wrote X Exitpump commentator in his latest analysis.
Trader Castillo Trading noted the improvement of conditions for a long time.
“Binance spot $BTC selling pressure has really cooled this month,” they said when comparing activity on major exchanges.
“It’s a very interesting dynamic to watch because it really looks like they’re not going to lower the price anymore. Of course I believe that selling pressure could come back quickly, but overall, that’s what we want to see.”
The latest data from monitoring source CoinGlass showed a price cut through the tender liquidity, which at the time of writing was immediately below the $71,000 mark.
BTC price faces ‘next moment of truth’
Going on, trader Jelle described the current price adjustment as a “moment of truth”.
related to: Bitcoin is “disappearing” as analysis sees a test of the $65k support in the future
“Successful defection or failure? We’ll know soon enough,” he told X followers of the day.
The accompanying chart compares the last few days to a long-term consolidation pattern seen at the end of 2025 – one that has finally resolved to the downside.
Earlier, Cointelegraph reported expectations of new lows for BTC/USD thanks to the “death cross” on the weekly chart.
Trader Roman doubled down on his existing bearish position, believing that the recent rally failed to support a broader recovery.
“One more height should give us differences + the volume was too small in 1D,” he said at X.
“Amidst everything, this is just a low breakout and a retest of previous support turned into resistance. Lower soon.”
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