There is increasing bearish pressure on Bitcoin’s price as the flagship crypto repeatedly fails to break above resistance levels. In a gradual trend, BTC has continued to put in lower highs and lower lows since it achieved a new all-time high (ATH) in March 2024. While many analysts consider the pullback an accumulation, breaking below critical support could lower Bitcoin’s price.
Data from TradingView shows that Bitcoin met resistance around $65,500 after recovering from the $56,500 swing low. That level also represents the 0.5 Fibonacci retracement level, covering the drop from the ATH to the recently identified swing low.
BTCUSD Daily Chart on TradingView
The latest phase of the Bitcoin trend has introduced a new dynamic into the pioneer crypto’s price projections. Initially, the majority of analysts assumed the BTC retracement to be an accumulation that would soon meet substantial support and initiate a turnaround. However, the recent price behavior suggests increasing bearish pressure for Bitcoin.
Notably, Bitcoin’s daily chart reveals the flagship crypto is trading in a consistent downward channel. Continuing with this pattern could lead to BTC dropping below $60,000 for the second time since achieving the March 2024 ATH. That could also escalate the developing Fear, Uncertainty, and Doubt (FUD) sentiment, with traders selling off their BTC holdings.
For that to happen, BTC could break below the recent swing low and head toward the next significant support of around $51,000. However, with a resurgence, BTC could reclaim the $65,500 resistance level, a break above which could trigger a rally towards $70,000.
Bitcoin traded for $61,658 at the time of writing, the 0.23 Fibonacci support. Although in small measure, the flagship crypto has delivered consecutive bullish candles in the past 48 hours.
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