Don’t Celebrate Bitcoin Yet: The Trend Is Still Bearish, And This Is Why
Based on technical analysis, Bitcoin's recent rally above $75,000 is insufficient to confirm a bullish reversal, as the overall structure remains bearish. The daily chart shows BTC is consolidating within a rising channel, identified as a bear flag pattern, following a prior downtrend. This pattern previously led to a breakdown to $60,000 in early February 2026.
A key resistance zone exists around $76,000, where BTC faced rejection. Currently trading near $70,000, a weekly close below this level could trigger a further decline toward $65,000. Analysis of the weekly timeframe using the Gaussian Channel indicator, which has accurately signaled major cycle bottoms in the past, suggests that the February low may not be the final market bottom. The indicator turned bearish after that low, a deviation from historical patterns where the transition preceded the bottom. Consequently, the trend remains cautiously bearish despite short-term rallies.
bitcoinist03/21 06:01