Bitcoin trader sees 'lower soon' as BTC price starts to erase $74K breakout

Bitcoin (BTC) gave back some gains at Thursday’s Wall Street open as traders hoped that bidders would step up.

Key points:

• Bitcoin begins to lose ground after hitting $74,000, now targeting a potential support reclaim.

• Bid support remains strong on exchanges in an encouraging signal for trend reversal.

• Bearish BTC price forecasters remain confident about the rally fizzling.

Bitcoin bulls run out of steam at monthly highs

Data from tracked 1.5% BTC price downside on the day as the market fell further from $74,000 local highs.

Now in the process of testing key long-term levels as potential new support, BTC enjoyed waning sell-side pressure on crypto exchanges.

“Binance spot orderbook depth has quite strong bid side, OB imbalance also not as negative as it should be, so staying bullish,” X commentator Exitpump wrote in its latest analysis.

Trader Castillo Trading noted improving conditions on longer time frames.

“Binance spot $BTC sell pressure has really cooled off this month,” they summarized while comparing activity across major exchanges. 

“Very interesting dynamic to see as it really seems they aren't suppressing price anymore. Of course I am sure selling pressure can come back quickly but overall, this is what we want to see.”

The latest data from monitoring resource showed price slicing through bid liquidity located immediately above the $71,000 mark at the time of writing.

BTC price meets next “moment of truth”

Continuing, trader Jelle described the current price setup as a “moment of truth.”

Related: Bitcoin bears 'annihilated' as analysis sees $65K support test next

“Deviation or successful breakout? We'll know soon enough,” he told X followers on the day.

An accompanying chart compared recent days to a longer consolidation pattern seen at the end of 2025 — one that ultimately resolved to the downside.

Earlier, Cointelegraph reported on expectations of new lows to come next for BTC/USD, thanks to a “death cross” about to confirm on the weekly chart.

Doubling down on his existing bearish stance, trader Roman thus felt confident about the latest rally failing to spark a broader recovery.

“One more high should give us divergences + volume has been very lackluster on the 1D,” he wrote on X. 

“Amongst all things, this is just a bearish breakdown & retest of prior support turned into resistance. Lower soon.”