Based on the BTCUSD M15 (15-minute) chart, the current market structure looks weak to bearish, but with signs of a short term recovery attempt after a sharp drop. On the M15 timeframe, Bitcoin was clearly in a downtrend over the last sessions. Price moved steadily lower, making lower highs and lower lows, which confirms strong selling pressure. Sellers were in full control, and buyers were unable to hold previous support levels. This kind of slow and continuous fall usually shows fear and profit booking in the market.
Recently, price dropped sharply toward the 86150.00 – 86300.00 zone, which acted as a strong intraday support. From this area, Bitcoin showed a quick bounce, indicating that buyers became active at lower prices. This bounce looks more like a technical pullback rather than a full trend reversal, because the overall structure on M15 is still weak.
At the moment, price is trading around the 87760.00 area, which is now an important resistance zone. This level was previous support, and after breaking down, it is acting as resistance. As long as price stays below 88000.00 – 88500.00, sellers may again enter the market and push price lower.
If price fails to break and hold above this resistance on the M15 chart, Bitcoin may again move down toward 87000.00, and if selling pressure increases, a retest of 86150.00 is possible. A clean break below this support could open the door for further downside continuation in the short term.
Looking ahead, for a bullish recovery to become stronger, Bitcoin must break above 88500.00 and form higher lows on the M15 timeframe. Only then can we expect a move toward 89500.00 – 90000.00. Until that happens, the market should be treated as sell-on-rise or range-bound with bearish bias.
In conclusion, on the M15 timeframe, Bitcoin is still under pressure. The current upward move looks corrective, not trend-changing. Traders should be careful, avoid overtrading, and wait for clear confirmation before taking new positions. Proper risk management is very important, as Bitcoin remains highly volatile.
