Technical analysis of Bitcoin’s price action on the daily candlestick timeframe places the cryptocurrency around the same resistance region where previous relief rallies have failed, turning the current price area into a major decision point for the next phase of the market. At the time of writing, Bitcoin is trading around $62,950, and bulls are trying to stabilize above $60,000 after a recent few days of heavy selling pressure.
On-chain analyst VoidOnChain has laid out a precise roadmap that maps the path from current price action, but the roadmap does not promise an immediate recovery.
Bitcoin Returns To The Zone Where Relief Rallies Keep Failing
The Bitcoin daily chart reveals a pattern of diminishing relief rallies, each one failing at a lower high. Looking at the earlier structure on the chart below, BTC moved through an ascending channel, pushed into a sell zone in late 2025, and then broke down.
Related Reading
The current setup shows a similar sequence, with Bitcoin already rejected from the bull trap level around $82,000 in May 2026 before sliding into the lower range. Since then, Bitcoin has been trending downwards and has broken the lower trendline of the channel.
Daily candlesticks since the breakdown have been fully bearish engulfing, and this has caused the Bitcoin price to approach a buy zone below $50,000 that acted as a buy zone in 2023. Interestingly, the roadmap laid out in the chart, as shown below, begins with Bitcoin breaking below $60,000 before a move to the buy zone around $53,000 and then $47,000.
What To Expect For The Next Three Months
The analyst’s near-term outlook carries a specific sequence: $60,000 as an immediate target, $53,000 as the next key level expected as early as next week, and a deeper flush to $47,000 by July that establishes the ultimate low. This move corresponds to a C wave on the chart, the same as the C wave that played out from January to early February 2026.
Related Reading
Once the corrective structure completes, VoidOnChain’s roadmap projects a recovery to $87,000 initially, followed by an extension to $151,000 by January 2027.
The Bitcoin market is currently split between fear and buying by some savvy traders. Bears controlled the market over the weekend, but selling pressure has started to ease during the week.
Strategy also added to the accumulation narrative after announcing a $101.3 million Bitcoin purchase between June 1 and June 7, acquiring 1,550 BTC at an average price of $65,333. The purchase helped calm some concerns that followed Strategy’s earlier Bitcoin sale, which had weighed on market sentiment. Still, many crypto analysts believe Bitcoin has yet to deliver a clear bullish confirmation, and Bitcoin might undergo another crash to an accumulation zone.
Featured image from Pixabay, chart from Tradingview.com
Credit: Source link
