- Bitcoin formed a bearish lower high after sweeping liquidity near $83K and re-entering its ascending channel.
- Analyst Crypto Patel warns BTC could fall toward $50K if support near $59,809 breaks during a deeper selloff.
- Bitcoin rebounded above $76.5K, but weakening momentum indicators suggest recovery strength may be fading.
Bitcoin traded under pressure after rejecting the $83,000 level and forming a lower high, according to analyst Crypto Patel. The move followed a liquidity sweep above a fair value gap and the top of an ascending channel. Price later closed back inside the channel, which Patel described as a sign of weakening structure.
Bearish Structure Forms At Key Resistance Zone
Crypto Patel noted that Bitcoin swept liquidity near $83,000 before forming a lower high inside a bearish order block. He stated that this structure aligns with distribution conditions, as buyers failed to sustain momentum after the sweep.
He added that the higher-timeframe bias remains bearish while BTC stays below $97,900. This level represents the change-of-character zone that would invalidate the bearish structure.
Two scenarios were outlined based on price reaction. A daily close above $83,000 could extend price toward $89,000 to $92,000. That region marks the next major supply zone before $97,900.
However, continued rejection could trigger a breakdown of the channel. In that case, liquidity below $59,809 could be targeted, with downside extension toward $50,000.
Bitcoin Attempts Recovery After Sharp Drop
Bitcoin later recovered after falling toward the $74,000–$75,000 support zone. Buyers pushed price back above $76,500 following a sharp intraday rebound. Momentum indicators showed early recovery signals.
RSI climbed near 58.50 after previously dipping into oversold territory near 20–30. Meanwhile, MACD moved above its signal line and printed positive histogram bars. However, weakening histogram strength suggested momentum could be slowing near current levels.
Immediate resistance remains near $77,000, while $78,000 stands as the next barrier. On the downside, $75,000 remains the key short-term support level.
