Analyst: Bitcoin's rebound momentum weakens, may drop to $76,000

According to Cointelegraph, Bitcoin has fallen back to near its opening price at the beginning of the year after rising close to $95,000, and there is even a possibility of dropping below $90,000 within the daily trading timeframe. Keith Alan, co-founder of trading resource platform Material Indicators, stated, "Bitcoin's initial breakout attempt has been clearly rejected." He warned this week that bearish forces are at play on higher timeframes. He pointed out that the technical support to watch is concentrated in the $87,500 to $89,000 range.

Alan also stated, "With a macro death cross appearing on the weekly chart later this month, I believe any rebound that occurs next should be viewed as a 'high sell event,' unless there is evidence to suggest otherwise." Trader Roman, who has repeatedly warned of macro downside risks for Bitcoin in 2025, reiterated that the short-term target is $76,000, a price last seen in April of this year. Roman said, "Currently around $89,000, the downside continues. I still believe $76,000 will come; all this consolidation is just to reach that position for a reset. I don't see any signs of reversal, and the higher timeframe remains very bearish."