Bitcoin is hovering around $73,000, with chart structure and futures data both highlighting a tense short-term setup. Analyst “Man of Bitcoin” said on the 4-hour chart that BTC was trading near $73,280, and that recent price action resembles a five-wave decline, a pattern often read as fading buyer momentum after a strong rally.
Support zone comes into focus on the 4-hour chart
According to the analysis, Bitcoin was sharply rejected from the upper resistance area at $82,750 in May and then moved lower in search of support. The main zone now being watched sits between $69,900 and $72,900. Fibonacci-based support levels were identified at $72,920, $71,579, and $69,906.
If BTC rebounds from one of those levels, the move could open the way toward $78,000. If not, the short-term corrective view stays in place as long as $82,750 remains unbroken. A loss of the current support area would shift attention to $64,974 and $60,223. In a weaker scenario, summer downside targets could extend to $57,000-$52,000. For bullish momentum to regain traction, Bitcoin would need to clear not only $82,750 but also $87,220, with higher levels at $95,181 and $97,990.
Futures data points to short covering
In a separate review, commentator CW said Bitcoin was stabilizing near $73,356 on the 1-hour chart. Market data showed futures open interest falling while net position delta was rising, a combination that suggests short positions were being closed.
CW said Bitcoin found support near $73,000 after dropping from the $77,000-$78,000 range. Falling open interest usually means traders are closing existing futures positions or holding back from opening new ones. Net position delta tracks the difference between aggregate long and short exposure, making it useful for spotting directional shifts.
Resistance remains overhead at $74,000-$75,000
Even with selling pressure easing, Bitcoin is still trading below the $74,000-$75,000 resistance band. The $72,500-$73,000 area is being watched as near-term support. If price stays above that zone, traders may look for attempts to reclaim $74,500 and $75,500. If support fails, selling pressure could return.