Bitcoin consolidated recent gains in the face of blanket skepticism over its rebound, while gold threatened to give up $5,000 support.
Bitcoin (BTC) hovered around $74,000 after Tuesday’s Wall Street open as skepticism increased over BTC price strength.
Key points:
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Bitcoin stalls after a trip to $76,000, with short-term targets including a retreat to $68,000.
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Traders stand by the long-term bear market thesis for BTC/USD.
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Gold continues to show weakness, risking the loss of $5,000 per ounce support.
Trader warns against “hyping up” BTC price move
Data from TradingView showed cooling BTC price volatility after a run to new six-week highs of $76,000 to start the daily candle.
BTC/USD one-hour chart. Source: Cointelegraph/TradingViewThe move proved unsustainable as heavy resistance pushed BTC/USD lower, raising concerns of a fakeout, according to Telegram channel Technical Crypto Analyst.
“Bitcoin is trending upward inside a rising channel and approaching the $74K–$79K resistance zone; while structure remains bullish above the trendline, a rejection from current levels could trigger a pullback toward the $68K support area,” it wrote on the day.
BTC/USDT perpetual contract four-hour chart. Source: Technical Crypto Analyst on TelegramTraders stayed wary, doubling down on existing doubts about the fate of Bitcoin’s relief rally.
“Still nothing on HTF that suggests the bear market has bottomed. No divs, no volume at lows, no reversal pattern, etc,” trader Roman wrote in his latest analysis on X, referring to higher time frames.
Roman argued that market participants were “hyping up” a comparatively modest uptick in price, and that history demanded a longer bear market.
BTC/USDT one-week chart. Source: Roman/XOn the latter point, trader Jelle agreed, pointing to the 0.618 Fibonacci retracement level as a key price point.
“Every bear market has been shallower than the one before it – but all of them have happened well below the 0.618 retracement, after months of boring sideways PA,” he told followers on X.
BTC/USD chart with Fibonacci retracement level. Source: Jelle/XAnalyst eyes Bitcoin “outperformance” versus gold
Macro conditions cooled compared to the start of the week. US stocks continued a modest rebound, while WTI crude oil remained below the $100 per barrel mark.
Related: Bitcoin sparks ‘bull trap’ warning after BTC price rejects at $76K
Gold, however, threatened a breakdown from $5,000 support, retesting that level for the third consecutive day.
XAU/USD four-hour chart. Source: Cointelegraph/TradingViewCalls for Bitcoin to steal the spotlight from the precious metal grew louder.
“Stand by for the outperformance of the decade,” crypto analyst James Easton commented on the weekly BTC/XAU chart.
BTC/XAU one-week chart. Source: James Easton/XThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
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