Bitcoin rebounded about 4.78% to trade near $69,128 after opening around $65,974, but technical signals suggest the broader market structure still favours bears.
The move followed a failed breakout above a descending triangle that has constrained Bitcoin’s price since February, with last week’s rally closing as a large bullish wick that signalled sellers quickly rejected higher levels.
Prediction market traders remain divided on the outlook, with odds on the platform Myriad implying roughly a 57% chance of downside even as some participants speculate on a potential rally toward $84,000.
Global macro tensions are also weighing on sentiment as the VIX volatility index surged above 35 amid geopolitical risks and oil briefly spiking toward $120 a barrel following U.S. and Israeli strikes on Iran.
Bitcoin’s technical indicators remain mixed, with the Relative Strength Index around 49.3 indicating neutral momentum while the Average Directional Index near 33.7 suggests a strong but fading trend.
The Exponential Moving Average structure remains bearish as the 50-day EMA sits below the 200-day EMA, signalling that recent price action continues to underperform the broader trend.
For bulls to regain control, analysts say Bitcoin would need sustained daily closes above the descending trendline around $73,000–$75,000, while losing the $65,000–$66,000 support zone could quickly reopen a path toward $60,000.
At the time of reporting, Bitcoin price was $68,545.84.