Bitcoin rebounded from $60,000 in February and later climbed to $75,000, but analyst Doctor Profit argues the move does not change the larger market picture. In his latest market update, he said the broader trend remains bearish, with geopolitical risk and weak risk-reward conditions keeping positioning cautious.
He described the roughly 27% rebound as part of a normal market cycle rather than proof of a lasting reversal. Prices do not move in straight lines. Periods of sideways trading and temporary rallies can appear even while the larger trend stays under pressure. Based on that view, he said his overall strategy remains unchanged and that he is still holding short positions opened between $115,000 and $125,000.
Short interest remains focused on higher price zones
Doctor Profit also said he plans to place additional short orders if Bitcoin revisits the $79,000 to $84,000 range. At current levels, he does not see long positions offering an attractive risk-reward setup. The rebound, in his view, is real, but it has not yet invalidated the bearish structure he is tracking.
Price action supports that cautious reading. After trading above $71,000 between March 23 and 25, Bitcoin shifted from a brief bullish phase into a corrective decline. The market then began printing lower highs and lower lows, a pattern commonly associated with an ongoing downtrend.
March 27 sell-off pushed BTC into the $65,000-$66,000 support area
The move intensified on March 27, when Bitcoin fell sharply toward the $65,000 to $66,000 zone. Volume increased during that drop, pointing to strong selling pressure and possible capitulation. Bitcoin is now trading near $67,740 and trying to stabilize above short-term support at $66,000.
On the upside, resistance is still concentrated between $68,000 and $69,000, an area that matches prior consolidation. A break above that band could open the way toward $70,000. If price loses $66,000 again, downside pressure could return and pull Bitcoin back toward $65,000.
RSI and MACD show early recovery, but support must hold
Technical indicators are showing some improvement. The Relative Strength Index stands at 64.95, suggesting momentum is strengthening without reaching overbought territory. That leaves room for additional upside in the near term. The MACD has also produced a bullish crossover, while rising histogram readings indicate improving momentum.
Even so, stronger indicators do not by themselves confirm a full trend change. The immediate test is whether Bitcoin can stay above $66,000. If that support holds, the recovery can continue. If it fails, the bearish pressure described by the analyst could reassert itself quickly.