Bitcoin is located in an important support area and its next move could form a short-term trend. One chart shows a temporary bounce before the next drop, while another says it could trigger a rescue rebound if support holds.
Bitcoin will briefly rebound before another decline, traders say
A daily Bitcoin chart shared by veteran trader Matthew Dixon showed the potential for a short-term rally before the next leg declines. Suggested setup $BTC It could rise initially, putting pressure on short sellers, and if resistance holds, it could reverse and fall.
The chart marked Bitcoin near $66,170, close to the upper level of the Fibonacci band between about $69,483 and $74,894. This seems to be the area where Dixon expects prices to be tested before momentum weakens again. In other words, the chart does not need a sustained breakout yet.
Bitcoin short bounce setup. sauce: Matthew Dixon of X
The dashed downtrend line is still pointing down, putting pressure on the broader structure. The black path on the chart shows a brief rise to resistance and then a decline towards the marked C zone near $51,969. The red arrow then predicted a stronger rebound towards much higher levels afterwards.
This view combines short-term bearish pressure with long-term recovery ideas. First, Bitcoin could rise the more shorts are liquidated. If the sellers then regain control near the resistance, the chart suggests that further declines could follow before a larger upward move begins.
Dixon also added a warning about market behavior, noting that prices could remain irrational for longer than traders can remain solvent. This line highlighted the risk of positioning too early. For now, the charts point to a possible rebound, but the next big downside move still remains.
Bitcoin tests key support as traders see room for short-term upside
The 2-day Bitcoin chart shared by TedPillows is: $BTC After plunging earlier this year, it traded in a key support zone. The analyst said the main level to watch is the $65,000 to $66,000 area, which is currently acting as the near-term floor.
Bitcoin 2D chart showing major support zones. sauce: Ted Pillows of X
The chart shows several possible paths from here. If Bitcoin holds this support band, the setup would indicate a rebound of around 6% to 8%, with upside levels centered around the low and mid $70,000s. In that case, buyers should defend the current zone and push the price back to the previous resistance area.
At the same time, this chart also outlined a downside scenario if the support fails. A break below the current band could pave the way for support levels near $60,000 or even the mid-$50,000s. Therefore, the structure remains highly dependent on whether the current range applies.
The main point is that Bitcoin has reached decision territory. Support is in place and relief rallies remain a possibility. However, if that bottom is broken, the chart suggests that the correction could widen further before a stronger base forms.
