Bitcoin Rally Hits Resistance as Bulls Face Bull Trap
Bitcoin has been consolidating above $60K after a volatile first half of 2026, which saw it drop from near $96K. The recent rebound off June lows restored short-term optimism but has stalled beneath moving-average resistance.
The daily chart shows that BTC remains below its 100-day and 200-day moving averages, indicating the higher-timeframe trend hasn't flipped bullish.
However, the asset has printed a series of short-term higher lows relative to the broader structure amid a clear bullish divergence with the RSI. A sustained close above the confluence of moving averages and the $74K supply zone would be evidence that the downtrend is losing control.
A breakdown below the $60K zone would expose major demand around $54K, which remains the key higher-timeframe floor.
The 4-hour chart shows a rising wedge pattern with price printing higher lows along the lower trendline. However, the latest candles show rejection from the $65K, $67K resistance cluster formed by June highs.