Bitcoin's market structure has turned decisively defensive, with technical indicators signaling a heightened risk of further losses. The cryptocurrency recently broke below all major exponential moving averages on the 4-hour chart, a move that reinforces a bearish short-term structure. This follows a sharp rejection at a long-standing channel high resistance level, which triggered significant downside momentum.
The weekly trend has officially shifted bearish, with Bitcoin printing consecutive lower highs and lower lows. A critical development was the loss of the range midpoint on a weekly closing basis, which significantly weakens the bullish case and opens the path for price to explore deeper parts of the trading range. Analysts now see $65,000 as a key downside target, representing the channel low. This level gains further significance due to its confluence with the historically important 200-week moving average, a zone often associated with major cycle bottoms or extended consolidation phases.
Market data supports the bearish technical outlook. Despite liquidations, open interest in derivatives contracts has persisted, signaling a leverage reset rather than trend exhaustion. Furthermore, persistent spot outflows near demand zones suggest ongoing distribution, which continues to cap any potential upside. The current price is hovering around $83,000, but the weakening higher-time-frame structure increases the probability of a corrective move toward the $65,000 support area.
