Technical analysis by benjihyam about Symbol BTC: Sell recommendation (5/12/2025)

BTC has had a strong rally back into the prior resistance and unless we can break above the prior highs, I still think probability still favors more downside (and I think we see a new low). I've marked off support levels and resistance levels as I think this will largely be the range over the next year. My base case as of now, is that we see one more low down in the $69k-$62k region before we start a new run to the highs above ($122k+). Another possibility is that we sweep the lows and bounce at $72k, then move up towards the highs. That said, the reason I think lower is due to the massive imbalance on the chart that needs to get resolved. Overall I still think we're in a bullish trend, but that we continue to pullback before the final move higher.