Bitcoin’s price action has been rejected from price levels that have served as resistance and support for the past five years. This macro resistance level, which has defined Bitcoin’s price ceiling for nearly five years, has risen once again. Send away the bulls, The consequences could be much more serious than the price action. Pricing is currently in progress.
Bitcoin Rejected at Macro Resistance
Bitcoin has faced non-significant resistance levels for several years, with the most recent rejection at $83,000 on May 6. According to a cryptocurrency analyst who goes by the name Chiefy on social media platform The rejection is just Another rally failed, but it was a reaction to the five-year macro resistance that has influenced some of Bitcoin’s most important turning points since the last major cycle.
The analyst believes Bitcoin followed the structure he previously warned of, entering a bull trap near $83,000 before being rejected and falling to $74,000. The trend line behind the rejection is important because it connects the early 2021 and mid-2021 cycle highs, followed Bitcoin’s first breakout in 2024, then acted as support in early 2025, and has now returned to resistance near $83,000.
Interestingly, the rejection zone also coincides with 200MA. Rejection of this moving average appeared around Past major cycle turning points, including market phases in 2014, 2018 and 2022.
What matters now
Now that the initial stages of the Chiefy projection have already been confirmed, the next important thing is what comes next. Specifically, there are three downside targets if Bitcoin continues to follow the pattern: $68,000, $61,000, and $48,000.
These levels are consistent with the path drawn in the chart above showing Bitcoin. broke down for the first time It fell below $76,000 and briefly formed relief before falling deeper into the $48,000 area circled in red. The most extreme low target of $48,000 would be close to the weekly 350 moving average shown in pink and a final reset in the recent $83,000 bulltrap area.
Bitcoin’s reaction around $74,000 is now of utmost importance as it could determine whether Chiefy’s bearish guidance is feasible. drop to the area It came right after. It was rejected, but recovered back above $76,000 and is trading at $76,580 at the time of this writing.
Despite this bounce, Bitcoin is still close to support. area that appears vulnerable. Sentiment shows that the market is no longer in a strong risk phase, with CoinMarketCap’s Crypto Fear & Greed Index currently sitting at 39, putting the market in a mood of fear. A fall below $74,000 will focus on $68,000 as the next logical downside target.
Featured image from Getty Images, chart from Tradingview.com
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