Bitcoin is under renewed pressure, and veteran trader Peter Brandt believes the chart is starting to lean bearish. He points to a rising wedge pattern forming, a setup often associated with downside moves, and suggests a potential slide toward the $60,000 region. In a more extended scenario, he indicated that levels closer to $50,000 can’t be ruled out if weakness continues.
Market nerves have picked up again amid geopolitical uncertainty, which has weighed on risk assets. Bitcoin briefly slipped toward the mid-$60,000s, erasing part of its earlier rebound that followed the move above $70,000. Brandt emphasized that the asset often respects classical chart patterns, reinforcing his cautious stance.
Meanwhile, analyst Ted Pillows highlighted a key support band around $66,000–$67,000. A break below that zone, he warned, could open the door to deeper losses. On the flip side, reclaiming $70,000 may revive short-term bullish momentum.
Macro conditions are adding to the cautious tone. Rising bond yields, firmer oil prices, and expectations around interest rates are all creating headwinds, leaving Bitcoin at a critical moment where the next move could set the tone for the weeks ahead.
Disclaimer: This content does not constitute trading or investment recommendations. It’s essential to conduct your own research before purchasing any cryptocurrency or investing in any services.
