Analyst Says Bitcoin Rally Masks Broader Bearish Setup

• Bitcoin rebound to $75K seen as temporary, with broader bearish trend and short positions still intact.
• Price forms lower highs after drop to $65K, confirming continued downtrend and selling pressure.
• Indicators show mild recovery, but holding $66K support is key to avoid further downside.

Analyst Doctor Profit outlined Bitcoin’s recent price action and outlook, stating that despite a rebound from $60,000 in February, the broader trend remains bearish. Speaking in a recent market update, he explained that Bitcoin climbed to $75,000 before consolidating, while current conditions still reflect cautious positioning due to geopolitical risks and weak risk-reward setups.

Short-Term Rally Meets Bearish Positioning

According to Doctor Profit, Bitcoin’s 27% rebound formed part of a typical market cycle rather than a trend reversal. He noted that assets rarely move in straight lines, often pausing through sideways action or temporary rallies. 

However, he maintained that the broader strategy remains unchanged despite recent gains. He said he continues to hold short positions opened between $115,000 and $125,000. 

Additionally, he plans to add new short orders between $79,000 and $84,000 if price revisits that range. However, he emphasized that entering long positions at current levels does not offer favorable risk-reward conditions.

Key Levels And Market Structure

Meanwhile, price data shows Bitcoin transitioning from a brief bullish phase into a corrective decline. After peaking above $71,000 between March 23 and 25, the market entered a downtrend marked by lower highs and lower lows.

This move culminated in a sharp sell-off on March 27, when price dropped toward the $65,000–$66,000 range. Increased volume during that drop suggested strong selling pressure or capitulation. Currently, Bitcoin trades near $67,740, attempting to stabilize above short-term support at $66,000.

Resistance remains concentrated between $68,000 and $69,000, aligning with previous consolidation zones. A break above this range could push price toward $70,000.

Indicators Signal Cautious Recovery

At the same time, technical indicators show early recovery signals. The Relative Strength Index is at 64.95, indicating strengthening momentum without reaching overbought levels. This suggests some room for further upside in the near term.

Similarly, the MACD shows a bullish crossover, with rising histogram values confirming growing momentum. However, price must hold above $66,000 to sustain this recovery. Otherwise, renewed downside pressure could push Bitcoin back toward $65,000 levels.

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