"Bitcoin’s downtrend remains intact despite rebound attempt… recovery pivot at $72,500"

Bitcoin (BTC) has been attempting to build a recovery trend after rebounding from recent lows, but analysts say key technical indicators and the medium- to long-term price structure still leave the likelihood of a trend reversal uncertain.

According to Blockhead, a cryptocurrency-focused media outlet, on the 10th, Nordic research firm Investtech said, "In the short term, Bitcoin has been trading above the 100-hour simple moving average and some signals of a technical rebound have been detected, but upside momentum appears limited." After bouncing around the $60,500 area, Bitcoin broke above $68,800 and is now consolidating around $70,000.

The medium- to long-term trend is still assessed as bearish. Bitcoin is moving within a declining trend channel, and the benchmark level for a trend reversal is located at around $95,700. The view is that the structural bearish tone will remain in place until that zone is reclaimed.

In the near term, the $72,000–$72,500 area is cited as a key resistance zone. If price breaks above that resistance, further gains toward $74,650, $75,880, $76,500 and $77,200 are being discussed. However, selling pressure has repeatedly been observed in this zone so far.

On the downside, $69,400 is presented as a short-term support level, with $68,500, $67,600 and $66,500 also cited as key support zones. If the $65,000 level is breached, the short-term recovery scenario could weaken significantly, according to the assessment.