BTC needs strong break above $73K to escape bearish structure, says analyst

Bitcoin's current price action is likely just another resistance test rather than a true trend reversal unless it can break above the $73,000 level with strong buying pressure, according to an analysis by Bitcoin Vector, a Bitcoin-focused account from crypto data firm Swissblock. The analysis noted that BTC is once again testing resistance in an attempt to extend its upward move. However, it pointed out that the last significant upward expansion accompanied by increased volatility occurred on Oct. 10 of last year, just before a sharp drop. Since then, all subsequent rallies have failed to sustain their momentum, leaving Bitcoin trapped in a bearish structure where another resistance test or a continued decline remains highly probable. "Unless it breaks and settles above the $73,000 resistance level on the back of strong buying pressure, this should be seen as another test of resistance, not a trend reversal," the analysis concluded.