Bitcoin bounces to $76K, but data suggests BTC price downtrend is not over

Bitcoin price data presented a strong argument about why the current market structure is weak, supporting BTC’s potential to go even lower.

Bitcoin (BTC) traded as high as $76,900 on Wednesday, up 4.5% above its 15-month low of $72,860, reached on Tuesday. However, there are increasing signs that Bitcoin’s price could experience a deeper correction over the following weeks or months.

Key takeaways:

Bitcoin confirms bearish technical patterns on multiple time frames, risking a deeper correction toward $60,000.

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