Bitcoin was rejected from the $67,000 to $77,000 resistance zone this week, and the way that rejection happened is telling analysts something important. The bear market that began earlier this year is might still be in control.
After bottoming in early June, Bitcoin rallied higher, but only in what technical analysts call a three-wave move, a weaker corrective pattern rather than a genuine trending rally. That distinction matters. In bull markets, rallies tend to unfold in five clean waves, signalling real buying conviction. In bear markets, bounces typically form in three weaker waves before rolling over again, exactly the pattern Bitcoin has now repeated for a third time this cycle, echoing similar three-wave bounces that followed both the November and February lows. Both of those earlier bounces were followed by selloffs.
Bitcoin also briefly broke below the $63,000 to $64,000 zone, a level previously flagged as important short-term support. That break does not invalidate anything. If anything, it reinforces the bearish case, since support levels breaking is simply normal behaviour in bear markets, the same way resistance breaking is normal in bull markets.
The Levels That Matter
On the upside, $77,000 remains the level to watch. Until Bitcoin closes decisively above it, there is no technical reason to believe a major low has formed.
On the downside, $62,000 is currently acting as a key Fibonacci support zone, mirroring a similar pullback level from March. Below that, $55,000 to $56,000 stands out as the next major support, an area that also held firm back in 2024.
What Comes Next
A deeper move toward $56,000 looks more likely in the near term, though analysts do not expect a sharp, sudden crash. The more probable path is continued choppy, overlapping price action, consistent with how bear markets typically behave, fast declines followed by slow, messy recoveries.
A short-term bounce remains possible at any time. But the signal that would genuinely shift the outlook is specific: a clean five-wave rally on the smaller timeframes. Until that appears, the trend remains down.
For now, the message from the charts is simple. Pressure stays to the downside, and nothing yet confirms the bulls are back.
