Bitcoin is trading at a decisive point, with analysts watching whether BTC can hold short-term support and break through resistance near $72,000.
More Crypto Online says the latest pullback has not confirmed a major top, while Don points to $72,583 as the level Bitcoin must reclaim to shift momentum back in favor of bulls.
Bitcoin's latest pullback has not confirmed a major top, according to crypto analyst More Crypto Online.
In a post on X, the analyst said BTC's decline from this week's high remains a three-wave move, suggesting the correction may be temporary rather than the start of a broader reversal.
The 15-minute BTC/USD chart outlines a potential Elliott Wave wave (4) correction following the recent advance. Because the decline has unfolded in three waves, the analyst said there is still no confirmation that a meaningful top has formed.
BTC/USD 15-Minute Elliott Wave Chart. Source: More Crypto Online (@Morecryptoonl)
The nearest support zone sits between $63,136 and $64,699, based on Fibonacci retracement levels at 38.2 percent ($64,699), 50 percent ($63,913) and 61.8 percent ($63,136).
As long as Bitcoin holds this range, the bullish outlook remains intact and another move higher cannot be ruled out.
However, a break below the support area could signal a deeper correction. The chart identifies a secondary support zone between $60,238 and $61,104, labeled as lower B-wave support.
For now, More Crypto Online argues that Bitcoin traders should avoid calling a market top too early, as the current price structure still favors a corrective pullback over a confirmed trend reversal.
Bitcoin is approaching a critical resistance level near $72,000, with traders debating whether BTC has enough momentum to break higher or faces another rejection.
In a post on X, crypto analyst Don highlighted the $72,583 area as the key level to watch. The chart suggests Bitcoin remains trapped beneath a descending trend line while attempting to recover from its recent pullback.
BTC/USD Daily Resistance at $72K. Source: Don (@DonWedge)
The daily BTC/USD chart shows Bitcoin trading above a long-term ascending support trend line, marked in pink, which has repeatedly acted as a floor during previous corrections. BTC also appears to be testing a downward-sloping resistance line that has capped price advances in recent weeks.
According to the chart, a decisive move above $72,583 could invalidate the current bearish structure and open the door to a broader recovery. However, failure to reclaim that level may trigger another rejection and keep Bitcoin confined within its corrective trend.
The chart also highlights the 200-day moving average, which has historically provided dynamic support during bull market pullbacks. Bitcoin's ability to hold above major support while challenging overhead resistance suggests the market is nearing an inflection point.
For now, the battle around $72,000 could determine Bitcoin's next major move, with a breakout favoring the bulls and another rejection strengthening the case for an extended consolidation phase.
