Crypto analyst SuperBro says Bitcoin is forming a potential bear flag on the daily chart, but the pattern is developing directly above the 200-week simple moving average, a level that has historically acted as major support during bull markets. The analyst noted in a post on X that while the daily time frame shows consolidation within a rising channel after a sharp decline, the bearish setup may be less reliable because it is forming during a retest of the 200-week SMA. Separately, crypto analyst CryptoWZRD said Bitcoin closed the day slightly bearish and remains stuck below $66,000, a key resistance level that must be reclaimed for renewed bullish momentum.
SuperBro Identifies Bear Flag Formation Above 200-Week SMA
SuperBro said BTC is forming a potential bear flag on the daily chart. The analyst's chart compares Bitcoin's daily and monthly structures, showing that on the daily time frame, BTC appears to be consolidating within a rising channel after a sharp decline, creating what some traders interpret as a bear flag. A breakdown from the pattern could imply downside targets near $51,000 or even $47,000.
However, SuperBro argues that the bearish setup may be less reliable because it is forming during a retest of the 200-week SMA, a level that remains intact on the monthly chart. The analyst noted that previous bull market cycles often found support near this moving average before resuming higher.
Order Book Data Shows Bid Support Below Current Prices
The chart also highlights order book data showing significant bid support below current prices, while liquidation heatmaps indicate a concentration of short positions that could be vulnerable to a squeeze if Bitcoin moves higher. According to SuperBro, these factors favor a bullish resolution despite the short-term weakness.
Traders are watching whether Bitcoin can continue holding above long-term support. A sustained defense of the 200-week SMA could strengthen the bullish case, while a breakdown below the level would increase the likelihood that the bear flag pattern plays out.
CryptoWZRD Says Bitcoin Must Reclaim $66,000 for Recovery
CryptoWZRD said BTC closed the day slightly bearish but believes the next meaningful move will depend on whether buyers can reclaim $66,000. Until then, the market may remain directionless.
The daily BTC/USD chart shows Bitcoin trading near $62,960 after a sharp decline from the $72,000 region earlier this month. Price has since stabilized above the $60,000-$64,000 support area but remains below a broken trend line and key resistance levels.
According to CryptoWZRD, a move above $66,000 would likely signal renewed bullish momentum and open the door for a push toward higher resistance zones near $72,000 and beyond. However, failure to reclaim that level could leave Bitcoin trapped in a period of choppy and unpredictable price action. The chart also highlights a potential long-term bottom area between roughly $45,000 and $48,000, although price remains well above that zone.
FAQ
What pattern is Bitcoin forming on the daily chart?
Crypto analyst SuperBro says Bitcoin is forming a potential bear flag on the daily chart, with the pattern developing directly above the 200-week simple moving average.
What price level must Bitcoin reclaim for recovery?
Crypto analyst CryptoWZRD said Bitcoin must reclaim $66,000 to signal renewed bullish momentum and open the door for a push toward higher resistance zones near $72,000 and beyond.
What are the downside targets if the bear flag breaks down?
According to SuperBro's analysis, a breakdown from the bear flag pattern could imply downside targets near $51,000 or even $47,000.
