The daily chart continues to frame the broader narrative: stabilization within a descending structure. Price remains below the prior peak near $97,900 and is oscillating between $68,000 and $70,000, reflecting balance rather than breakout conditions. Major support stands at $60,000 to $62,000, with intermediate support at $66,500 to $68,000. Overhead, $72,000 to $75,000 remains the primary resistance band, and only a decisive daily close above $75,000 would invalidate the prevailing macro structure. Until then, the bias is cautious. This is digestion, not ignition.
The one-hour chart leans softer. Descending peaks and marginal new lows characterize the short-term trend, while momentum appears subdued. Recoveries have been corrective in nature rather than impulsive, reinforcing the idea that intraday strength lacks sustained follow-through. The $68,000 to $68,500 zone has functioned as a bounce area, while failed recoveries near $70,500 to $71,000 have attracted renewed pressure. Sellers maintain influence over intraday flows, and until that sequence of lower highs is disrupted, the short-term structure remains tactically fragile.
