Bitcoin is attempting to build a short-term recovery after weeks of sustained selling pressure. Although buyers have defended a key support zone, the broader trend remains fragile as price continues to trade beneath major technical resistance levels that must be cleared first to expect a genuine recovery.

Bitcoin Price Analysis: The Daily Chart
The daily chart continues to reflect a bearish market structure, with BTC trading around $62.1K. The price remains well below both the 100-day and 200-day moving averages, which are now acting as dynamic resistance around the $71K to $75K region. As long as BTC remains beneath these averages, sellers are likely to maintain control.
Following the sharp breakdown below the 100-day moving average near $72K earlier this month, the market found demand within the $60K support zone. This area has once again prevented a deeper decline and is currently fueling a modest rebound. The RSI has also formed a bullish divergence, with higher lows while price recorded lower lows, indicating that bearish momentum is fading and a short-term recovery is possible.
However, the broader trend remains bearish. Even if buyers extend the current bounce, the first major obstacle lies between $72K and $75K, where previous support has turned into resistance alongside both moving averages. A successful recovery above this region would improve the medium-term outlook, while rejection could expose the $60k support once again. Losing that area would likely open the door toward the next major demand zone around $55K.
Source: TradingView
BTC/USDT 4-Hour Chart
The 4-hour timeframe presents a more constructive picture. Bitcoin has been trading inside a broad falling wedge following the sharp June sell-off, a pattern that often precedes bullish reversals when confirmed by a breakout.