Bitcoin price action has been rejected at a price level that has served as resistance and support for the past five years. This macro resistance level that capped Bitcoin’s price for nearly five years is back And he turned the bulls back, The consequences may be much more serious than the price movement Pricing is currently at.
Bitcoin rejected at total resistance
Bitcoin has reached a resistance level that has not mattered much in years, referring to the recent rejection at $83,000 on May 6. According to a cryptocurrency analyst who goes by the name Chiefy on social media platform X, This rejection is not fair Another failed rally but a reaction from the five-year macro resistance line that touched some of Bitcoin’s most significant turning points since the last major cycle.
The analyst believes that Bitcoin has now followed the structure he previously warned about, moving into a bull trap near $83,000 before rejecting and falling as low as $74,000. The trend line behind this rejection is important because it connects the early 2021 and mid-2021 cycle highs, ran through Bitcoin’s first breakout above it in 2024, later acted as support in early 2025, and has now returned as resistance around the $83,000 area.
Interestingly, the rejection zone is also in line with the 200MA. Rejection of this moving average She appeared around Major cycle turning points in the past, including 2014, 2018 and 2022 market phases.
Levels that matter now
Now with the initial phase of Chiefy’s predictions already confirmed, the next important thing is what comes next. Notably, there are three downside targets if Bitcoin continues to follow the pattern: $68,000, $61,000, and $48,000.
These levels correspond to the path drawn on the chart above, which shows Bitcoin First break down Below $76,000, it then forms a short bounce, before falling deeper into the red-circled $48,000 area. The more extreme lower target of $48,000 is close to the 350 weekly moving average highlighted in pink and would be the final reset from the recent $83,000 bull trap area.
Bitcoin’s reaction around $74,000 is most important now because it could determine whether a bearish Chiefy map will be possible. Landing in that area It came right after that Rejection, but it has recovered back above $76,000 and is trading at $76,580 at the time of writing.
Even with this bounce, Bitcoin is still close to the support level The area appears fragile. Sentiment shows that the market is no longer in a strong risk-on phase, with CoinMarketCap’s Crypto Fear and Greed Index now at 39, putting the market in a fear mood. A break below $74,000 would put the focus on $68,000 as the next logical downside target.
Featured image from Getty Images, chart from Tradingview.com
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