Bitcoin tests $ 70,000 level again

Bitcoin BTC $70,230.39 Mezo Wrapped BTC -4.97% Market capitalization $39.04 million VOL. 24 hours $1.95 billion has once again tested the $ 70,000 area, but the technical picture of the market is causing more and more concern among traders. After a brief rebound, the price of BTC dropped below $ 70,500, which analysts attribute to the return of seller pressure. Against this backdrop, renowned trader Peter Brandt warned of the possible formation of an «ugly» bearish flag, which could signal a new wave of decline.

According to market observers, bitcoin briefly rose above $ 71,000 the day before, but failed to gain a foothold and quickly rolled back. Such dynamics increased nervousness in the market, as the area around $ 70,000 remains a key psychological and technical level. Its loss could pave the way for a deeper correction.

Brandt drew attention to two possible scenarios. On the one hand, the movement can be interpreted as a constructive «horn pattern» that shows signs of continued growth. On the other hand, he sees a more unpleasant picture in the form of a bear flag, i.e. a downtrend continuation pattern. The analyst emphasized that the market is not giving an unambiguous signal at the moment, so the main thing for traders is to remain flexible and not be tied to one scenario.

Such uncertainty reflects the state of the crypto market, where short-term movements are increasingly dependent on the sentiment of participants, liquidity, and the external macroeconomic background. Despite attempts at recovery, bitcoin has not yet demonstrated a convincing breakout to the upside, and many view local rebounds as fragile and unstable.

As a result, the retest of the $ 70,000 level has become a test of strength for the market. If buyers fail to hold this range, talk of a bearish flag will only intensify. If the price bounces back and consolidates above the nearest resistance levels, the market will have a chance to break the current negative interpretation.