Bitcoin is trading near $73,000 as analysts Man of Bitcoin and CW identify technical signals at a short-term decision point. Man of Bitcoin's four-hour chart shows BTC in a five-wave decline pattern after failing to hold its recent upward channel, while CW's one-hour chart reveals declining open interest alongside rising net position delta on Binance BTC Perpetual Futures. The five-wave structure and futures data suggest weakening bullish momentum as short positions begin closing. This positioning shift occurs as Bitcoin tests support between $69,900 and $72,900 after rejecting near $82,750 resistance, with futures traders reducing bearish exposure as selling pressure starts to fade.
Man of Bitcoin Identifies Five-Wave Decline Pattern With Support at $72,920
Bitcoin is trading near $73,280 on the four-hour chart as analyst Man of Bitcoin identifies a short-term five-wave decline that may show weakening bullish momentum. The chart shared on X shows BTC moving lower after failing to hold its recent upward channel, with the analyst stating a bounce from the current support area still looks likely.
The chart shows Bitcoin falling from the upper part of its May structure after price rejected near the $82,750 resistance zone. BTC then moved lower toward the marked support area between roughly $69,900 and $72,900. Man of Bitcoin labeled the current move as a five-wave decline.
The nearest support area sits around the Fibonacci levels shown on the chart. These include $72,920 at the 0.618 level, $71,579 at the 0.786 level and $69,906 at the full retracement level. The chart shows resistance remaining near $82,750, which also acted as a key rejection area.
The chart marks a lower path toward the $57,000 to $52,000 area if Bitcoin breaks below the current structure. The chart also shows possible resistance levels at $87,220, $95,181 and $97,990 if BTC reclaims the $82,750 level.
CW Reports Declining Open Interest as Short Positions Close on Binance Futures
Bitcoin is trading near $73,356 on the one-hour chart as analyst CW reports BTC open interest is falling while net position delta is rising. The chart shared on X shows Bitcoin pulling back from the $77,000 to $78,000 area before stabilizing near $73,000, with CW stating the data suggests short positions are closing.
The chart shows BTC Perpetual Futures on Binance moving lower after several failed attempts to hold above $76,000. Price then dropped sharply below $74,000 before finding short-term support near the $72,500 to $73,000 area. At the same time, open interest moved lower.
CW said net position delta is increasing while open interest is decreasing. The lower panel also shows net delta improving from deeper negative levels. The price chart shows Bitcoin below the recent range, with BTC remaining under the $74,000 to $75,000 area.
FAQ
What support levels did Man of Bitcoin identify for Bitcoin?
Man of Bitcoin's chart shows Bitcoin support between $69,900 and $72,900, with specific Fibonacci levels at $72,920 (0.618 level), $71,579 (0.786 level) and $69,906 (full retracement level).
What does declining open interest with rising net position delta indicate?
CW stated that declining open interest combined with rising net position delta on Binance BTC Perpetual Futures suggests short positions are closing, meaning traders are ending bearish bets rather than new buyers fully driving the move.
What resistance level did Bitcoin reject at according to Man of Bitcoin's chart?
Man of Bitcoin's chart shows Bitcoin rejected near the $82,750 resistance zone before moving lower toward the current support area between $69,900 and $72,900.
