Key Takeaways:
- BTC rebounded to test $74,250 after a five-wave decline on the four-hour chart.
- The next resistance zone sits between $77,486 and $80,501, per Man of Bitcoin.
- A break above $74,250 could open the path toward $76,150, ChiefraT said.
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Bitcoin tests $74,250 breakout after completing five-wave decline
Bitcoin rose to test $74,250 on May 30 after completing a five-wave decline that shifted the short-term trend lower.
"BTC's key resistance for a possible wave two retracement sits between $77,486 and $80,501," Man of Bitcoin, an analyst on X, said. "There is still no confirmation that the retracement has started."
The four-hour chart shows Bitcoin falling from near $82,750 after breaking below a rising structure, forming the five-wave pattern. The move brought BTC toward a support cluster in the low $70,000s, with Fibonacci levels at $72,920, $71,579, $71,284 and $69,906. On the one-hour timeframe, ChiefraT identified a short-term base near $72,750, with a recovery target between $76,050 and $76,150 if BTC clears the $74,250 gray zone.
A move into the $77,486-to-$80,501 band would not confirm a bullish reversal — it would show a corrective bounce after the first five-wave decline. If sellers keep control, the next downside levels sit near $64,974 and $60,223, keeping BTC in a waiting phase until the wave-two retracement is confirmed.
The transmission chain hinges on whether buyers can sustain momentum above $74,250. A clean break would open the path toward $76,150, with the $77,486-to-$80,501 zone as the next major test. A rejection, however, could send BTC back toward the $72,750 support area, extending the consolidation. Bitcoin traded at $73,850 as of 06:30 UTC, with 24-hour volume at $28.4 billion, according to CoinGecko data.
This article is for informational purposes only and does not constitute investment advice.
