Bitcoin Bounce Fails: Analyst Warns of Fragile Gains in Bear Market

A chart analyst claims that Bitcoin's recent bounce attempts are inherently fragile due to the broader downtrend. The analyst notes that any move higher is fighting against the trend, making it difficult for prices to sustain gains.

The current support zone for Bitcoin sits between $59,317 and $62,436, with a tighter support area from $62,886 to $63,775 being tested. A confirmed move above the resistance level near $64,470 would be a sign that a short-term low is in place.

If the recent August low at $62,220 breaks, it would hurt the case for a rally towards $69,000. The analyst expects Bitcoin to attempt another push higher but notes that there's no confirmed signal yet of a genuine reversal.