Bitcoin Gets Trapped in a Short-Term Range at $71K, Weekly Death Cross Warns of Risk Toward $58K

The Bitcoin market is experiencing heavy pressure after a failed breakout attempt to sustain upward momentum. The current condition shows BTC has plunged to $71,17K—significantly lower than the all-time high of $126,08K—short wicks have now become a serious warning signal for traders. This weakening of technical structure brings BTC back to a consolidation zone that has held for months, creating an increasingly concerning scenario for the bullish side.

Failed Breakout Sends BTC Back to Consolidation Zone

Bitcoin’s attempt to break through a key level has ended in clear failure. Data from TradingView shows BTC tried to stay above $90,000 early in the week, but has now retreated significantly to $71,17K in the past 24 hours with a decrease of -7.03%.

Trader Daan Crypto Trades notes that Bitcoin has fully returned to the boring trading zone: the $84,000–$94,000 range it has visited over the past two months. “Breakout failed—and that doesn’t look good,” he said via X. This pullback coincides with rising global geopolitical tensions as US-Europe trade tensions re-emerge, reminding the market of macro risks lurking in the background.

New Short Wicks Appear as Technical Structure Weakens

The most concerning development is the formation of a new weekly death cross, where the 21-week moving average has crossed below the 50-week moving average. According to Keith Alan, one of the founders of Material Indicators, this pattern historically precedes major market bottoms. These short wicks are no coincidence—Alan emphasizes that this movement has been developing on the chart for over a month before fully manifesting.

Technically, BTC has lost both the 200-period SMA and EMA on the 4-hour timeframe, weakening the short-term foundation and shifting analysis focus to much lower support zones. Some analysts predict Bitcoin may seek a rebound near the 100-week SMA, currently around $86,900—still far from the current price.

Massive Liquidations Deepen Price Pressure

Market stress is clearly reflected in alarming derivatives data. According to CoinGlass, over $360 million in liquidations occurred in the past 24 hours, with a sharp spike in forced sales as US futures opened last night. This data indicates that previously accumulated leverage is now being brutally unwound, creating a sell-off spiral that deepens price pressure.

Although renewed trade war headlines act as immediate triggers, some analysts say macro narratives are only acting as catalysts—not the main cause of the underlying weakness. The technical weakness has been building for months and is now finally exploding out.

Yearly Opening as a Key Bet This Week

Rekt Capital analysts note that Bitcoin needs to reclaim the 2025 yearly open level around $93,500 to maintain the weekly breakout structure it is attempting to build. “Bitcoin needs to find a way to reclaim $93,500 throughout the week to confirm this as a successful retest,” they said. Failure to reach this milestone will put the 2026 yearly open near $87,000 in focus as the next target.

“Rare to see no wicks below the yearly open,” added Daan Crypto Trades in a more bearish analysis. This statement hints that these yearly open levels have strong market psychology and are difficult to pass without retesting.

Bearish Target: $58K–$62K Dangerous Zone

Veteran trader Peter Brandt offers the most bearish outlook on Bitcoin’s potential movement. He suggests BTC could revisit the $58,000–$62,000 range—levels last seen in October 2024. “58k to 62k is where I think it will go,” Brandt wrote on X, emphasizing that he wouldn’t be ashamed if this prediction is wrong, as his analysis accuracy is around 50%.

While Brandt admits this uncertainty, his call reflects increasing caution among technical traders. If Bitcoin indeed reaches that zone, it would represent a loss of over 18% from the current price of $71.17K.

Recovery or Reset: What’s Next for Bitcoin?

Despite the short-term pressure feeling heavy, some fundamental aspects still offer hope. Leverage has mostly been cleared from the market, open interest remains well below October’s peak, and spot demand has not collapsed dramatically. This combination of factors opens the possibility that further declines—if they occur—could serve as a healthy structural reset rather than a permanent trend reversal.

Especially if long-term holders continue accumulating Bitcoin at lower levels, these short wicks could be part of a broader consolidation. But for now, Bitcoin remains vulnerable unless bulls manage to reclaim the $93,500–$98,000 zone with solid, sustained volume. Lower-side liquidity continues to cluster at lower levels, making any rebound failure a potential threat to further price stability.