BTC recovery dey face trap risk as $51K support still dey
Bitcoin (BTC) dey stabilise above $60K, but di article dey warn say di rebound fit be trap as selling pressure still strong and di downside risk to $51K still dey. For di daily chart, BTC break down from wan rising channel and come accelerate down afta im lose di $70K psychological level. After sharp selloff, buyers defend di ~ $60K area and RSI bounce from deep oversold, stopping movement toward di next major support cluster around $51K.
But di broader structure still bearish. BTC dey trade below di 100-day and 200-day moving averages, wey dey converge and act as overhead resistance near di $70K area. Di first resistance dey expected between $65K and $68K, followed by heavier supply zone around $72K–$74K. To reclaim $72K–$74K na key to invalidate di daily bearish setup.
For di 4-hour chart, BTC dey show short-term stabilisation after support around $60K and di formation of small ascending channel. Still, di rebound modest. If e no fit break above $68K e fit lead back to renewed pressure at $60K; if e lose dat level e increase di chance say e go revisit $51K.
On-chain, di UTXOs in Profit (%) metric don collapse to about 50%, near cycle lows. Dis show say plenty holders dey underwater and e reflect serious network stress. Di article treat dis as inflection point: if BTC fit hold $60K and retake key resistance, di drop in profitability fit later be seen as capitulation; until then on-chain conditions remain risky for bulls.
Keywords: BTC price analysis, $60K support, $51K risk, on-chain UTXO profitability, moving average resistance.
Bearish
Di main poin na article be say BTC dey stabilise only, e never really reverse. Daily structure still bearish because BTC dey trade under 100-day and 200-day moving averages and e dey face overhead supply zones ($65K–$68K, then $72K–$74K). Dis kind setup often produce “relief rallies” wey dey fail near resistance, creating di trap risk wey dem mention.
Short-term, di 4-hour ascending channel and RSI recovery dey show say consolidation fit continue around $60K. But condition fragile: if BTC lose $60K, di next magnet na $51K. Dat make traders more likely to treat rallies into $65K–$68K as sell opportunities until dem decisively reclaim $72K–$74K.
On-chain data add weight to di bearish view. UTXOs in Profit (%) wey collapse to ~50% near cycle lows dey mirror historical late-stage corrections where plenty holders dey underwater. For similar past cycles, dis one dey keep market sentiment cautious until profitability improve and market fit absorb realized losses.
Net effect: near term na consolidation/relief with downside tail risk, while di long-term reversal thesis depend on reclaiming key resistance and improving on-chain profitability trends.