Bitcoin fails again at $71,500 as weakening momentum raises risk of a deeper pullback

Bitcoin has repeatedly failed to sustain a move above the critical $71,500 resistance level, reinforcing it as a ceiling, especially as global markets shift into a risk-off environment due to rising oil prices and higher bond yields. The latest rally printed a lower high before stalling, suggesting fading buying pressure. The market is currently structured between $71,500 resistance and support shelves beginning around $68,000. This technical struggle coincides with macro headwinds: escalating Middle East tensions pushed oil prices up, causing U.S. Treasury yields to rise as investors anticipate delayed interest rate cuts, pressuring risk assets like Bitcoin. While recent spot Bitcoin ETF flows have shown bursts of demand, they have not been enough to overcome supply near the major resistance. If the $68,000 support breaks, the price could rapidly move toward deeper historical liquidity zones, such as $66,900 or the low $61,000s, as the next test determines if buyers can reclaim the range or if a deeper pullback ensues.

(Source：CryptoSlate)