BTC Price at Critical Juncture as CME Futures Test Key Zone
Bitcoin's (BTC) price is currently trading at around $70,960, which coincides with a critical confluence zone on the CME Futures chart. This price point marks the midpoint of the entire 2022-2025 rally from $15,680 to $127,710 and sits right at the 50% Fibonacci retracement (71,695). The weekly chart shows that price is trading within an ascending channel, currently pressing against the lower boundary.
The short-term outlook is bearish, with both the 7-day and 14-day models showing a bias towards lower prices. However, the 28-day model indicates a sideways trend with an expected range of $58,269 to $80,888. The key level to watch is the 0.618 fib at $58,475, as a break below this point would signal a deeper retracement.
On the other hand, upside invalidation sits near $80,814-$85,238 across short-term horizons. The RSI on the weekly chart is approaching oversold territory at 35.5, which could limit further downside in the near term.