Despite a jump of 5% to trade reclaiming $ 69,000 and displaying a surprising divergence from traditional markets where the VIX has surged past 35, and oil sits around $ 100+, technical indicators suggest that the “bears” remain firmly in the driver’s seat for Bitcoins, according to Jose Lanz in Decrypt.

Early March,  Bitcoin appeared to break above a descending triangle, a bearish compression pattern that has dominated price action since February. However, the move failed to hold, closing as a long “wick” that saw the triangle swallow the breakout whole. The current attempt to reclaim $69,000 faces the same resistance.

According to Lanz, prediction markets on Myriad remain sceptical, with 57% of traders betting on a drop to $55,000 rather than a climb to $84,000. For a genuine trend reversal, bulls must secure daily closes above the $73,000–$75,000 range. Until then, this $69K move is viewed as a “risk-on blip” within a larger bearish structure. If the $65,000 support shelf fails, a swift slide toward $60,000 is likely.

End Notes

Source: https://decrypt.co/360448/bitcoin-price-bounces-bears-in-control-analysis