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Bitcoin

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<p><a href="https://en.coin-turk.com/the-challenging-path-ahead-for-bitcoin-investors/" rel="noopener noreferrer nofollow">Bitcoin</a> has been oscillating around $73,000 in recent hours, with charts shared by two prominent analysts indicating the price is at a critical decision point. While some technical indicators are beginning to signal a loss of bullish momentum, other analyses highlight that short positions are being closed and that selling pressure may be easing.</p>
<h2 id="technical-analysis-points-to-a-five-wave-correction">Technical analysis points to a five-wave correction</h2>
<p>According to an assessment by the analyst “Man of Bitcoin” on the four-hour chart, Bitcoin is trading near $73,280. The expert notes that the short-term price action resembles a five-wave decline, a formation that can suggest buyers’ strength is starting to wane following recent powerful rallies.</p>
<blockquote>
 <p>The analysis shows that after Bitcoin was forcefully rejected from the upper resistance zone at $82,750 in May, the price pulled back and began searching for support. It is now seeking a foothold in the $69,900 to $72,900 range.</p>
</blockquote>
<p>Based on Fibonacci levels, key supports are identified at $72,920, $71,579, and $69,906. If the price manages to recover from one of these levels, there’s a potential for a jump toward the $78,000 mark. However, unless resistance at $82,750 is decisively breached, the scenario for a short-term pullback remains valid.</p>
<p>Should Bitcoin lose the current support zone, the next major thresholds would likely be $64,974 and $60,223. In a more bearish scenario, targets of $57,000 to $52,000 could come into play over the course of the summer. For bullish momentum to regain strength, not only would $82,750 need to be surpassed, but also $87,220, with further breakthroughs eyed at $95,181 and $97,990.</p>
<p>Glossary: Elliott Wave Analysis is a technical approach that forecasts market trends based on recurring wave structures seen in price charts. It is especially used for identifying trend reversals and corrections.</p>
<table>
 <thead>
  <tr>
   <th>Level</th>
   <th>Price (USD)</th>
   <th>Status</th>
  </tr>
 </thead>
 <tbody>
  <tr>
   <td>Upper resistance</td>
   <td>82,750</td>
   <td>Needs to be surpassed for an uptrend</td>
  </tr>
  <tr>
   <td>Main support zone</td>
   <td>69,900 – 72,900</td>
   <td>Key area to watch in the short term</td>
  </tr>
  <tr>
   <td>Lower support</td>
   <td>64,974 / 60,223</td>
   <td>Next potential downside targets</td>
  </tr>
  <tr>
   <td>More negative target</td>
   <td>57,000 – 52,000</td>
   <td>If selling pressure intensifies</td>
  </tr>
 </tbody>
</table>
<h2 id="short-positions-decline-in-the-futures-market">Short positions decline in the futures market</h2>
<p>In another analysis, a commentator named CW draws attention to Bitcoin stabilizing near $73,356 on the one-hour chart. According to market data, open interest in futures contracts is declining while “net position delta” is rising—evidence that short positions are being closed out.</p>
<blockquote>
 <p>CW highlights that, after dropping from the $77,000 to $78,000 range, Bitcoin established support around $73,000. The decrease in open contracts, together with an uptick in the position delta in the futures market, indicates a wave of short covering.</p>
</blockquote>
<p>A drop in open interest suggests that investors are either closing their existing futures positions or refraining from opening new ones. The net position delta, which tracks the difference between total long and short positions, helps clarify directional shifts in the market.</p>
<p>In summary, as short-selling pressure diminishes, the price remains below the $74,000 to $75,000 resistance band. The $72,500 to $73,000 region is currently seen as a short-term support. If Bitcoin stays above this area, attempts to reclaim $74,500 and $75,500 may emerge; if not, renewed selling pressure could resurface.</p>
<p>Glossary: Open Interest refers to the total number of active contracts in the futures market, while Net Position Delta shows the net difference between long and short positions—a leading indicator for directional changes.</p>
<table>
 <thead>
  <tr>
   <th>Zone</th>
   <th>Price Range (USD)</th>
   <th>Technical Outlook</th>
  </tr>
 </thead>
 <tbody>
  <tr>
   <td>Short-term resistance</td>
   <td>74,000 – 75,000</td>
   <td>Needs to be cleared</td>
  </tr>
  <tr>
   <td>Current support</td>
   <td>72,500 – 73,000</td>
   <td>Price holding steady here</td>
  </tr>
  <tr>
   <td>Recovery above</td>
   <td>74,500 – 75,500</td>
   <td>Attempted bullish moves may follow</td>
  </tr>
 </tbody>
</table>
<p>The post <a href="https://en.coin-turk.com/bitcoin-hovers-at-73000-as-short-positions-retreat/" rel="noopener noreferrer nofollow">Bitcoin hovers at $73,000 as short positions retreat</a> appeared first on <a href="https://en.coin-turk.com" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Bitcoin hovers at $73,000 as short positions retreat

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