Bitcoin Remains in Bearish Territory, Crypto Market Recovery Has Yet to Fully Materialize

Bitcoin Rejected at Resistance, Bear Market Signals Remain Strong

Bitcoin was once again rejected at the $67,000 to $77,000 resistance zone this week, leading analysts to believe that the bear market that started earlier this year may still be controlling the crypto market.

After hitting a local bottom in early June, Bitcoin managed to rebound. However, analysts say the move does not signal a strong recovery and instead looks like a temporary bounce within a broader downtrend.

From a technical perspective, Bitcoin’s recent recovery formed a three-wave pattern, which is commonly seen during bearish market conditions. In contrast, bull markets usually produce five-wave rallies, a sign of stronger buying momentum.

This three-wave pattern has already appeared multiple times during the current market cycle. Similar rebounds happened after Bitcoin’s lows in November and February, and both were followed by another price decline.

Bitcoin also briefly dropped below the $63,000 to $64,000 support zone, an area previously considered important for short-term price stability. According to analysts, this breakdown further strengthens the bearish outlook since losing support levels is common during bear markets.

On the upside, $77,000 remains the key level traders are watching. Until Bitcoin can break above and hold that level, there is still no technical confirmation that the downtrend has ended.

Meanwhile, $62,000 is currently acting as an important Fibonacci support level. If that support fails, the next downside target could be around $55,000 to $56,000, an area that also acted as strong support back in 2024.

What’s Next?

In the short term, analysts believe Bitcoin could move lower toward $56,000. However, they do not expect a sudden market crash.

The more likely scenario is continued volatile and choppy price action, which is typical behavior during bear markets where sharp declines are followed by slow recoveries.

Although a short-term rebound is still possible, analysts say a real trend reversal would require Bitcoin to form a clean five-wave rally on lower timeframes.

For now, market conditions continue to show that selling pressure remains dominant, and there is still no strong confirmation that bulls have regained control.