Bitcoin has climbed back to the top of its current trading range, putting the market at a critical decision point. While a breakout could open the door to further gains, analysts warn that failure to move higher could result in a edged rejection. If selling pressure appears at these highs, Bitcoin could return to the key support level around $62,800.
Back to the top of your trading range
Bitcoin is hitting range highs, prompting analyst Lennaert Snyder to issue a cautious message update regarding current market conditions. Snyder emphasizes his trading strategy: avoiding long positions at the top of the range. Since the most logical and high-probability buying opportunities are at the lowest levels, entering a long position at such elevated levels carries an unfavorable risk-reward ratio.
Instead of chasing the uptrend, the current technical setup suggests that a shorting scenario is much more compelling. Snyder is currently tracking three potential paths for today’s price action, each focusing on how Bitcoin responds to overhead resistance.
If Bitcoin starts to fall from its current position and loses the critical market structure level at $69,383, this would indicate a change in dynamics. In this case, Snyder intends to take a low position, targeting “weak lows” around $65,280.
Moreover, buy-side liquidity continues to remain above the current price of $71,200 and $72,846. If Bitcoin rises to sweep through these pools and break out the buyer trap, Snyder will wait for a bearish market structure break (MSB) to confirm the move. This confirmation would then serve as a starting point to sell the asset again towards the same target amount of $65,280.
Bitcoin is touching the exact high range at $70,500
In a recent MOT updateCryptocurrency analyst Zord highlighted that Bitcoin has accurately hit an all-time high of around $70,500, a level previously identified in his latest market analysis. This precise touch confirms the current range boundaries, placing the asset at a critical inflection point where the next major directional move will likely be decided.
The potential for a bullish expansion remains on the table, and Zord notes that a successful break of this resistance could eventually push BTC towards a modern record high or the $74,000 level. However, the analyst warned that despite the proximity of these maximums, the final breakout has not yet occurred.
Conversely, the risk of rejection with such overhead resistance carries significant adverse consequences. If BTC fails to maintain its momentum here, Zord predicts an immediate pullback through the Range Mid, ultimately targeting the Range Low of $62,800.
