Bitcoin is trading near $73,000 as charts from Man of Bitcoin and CW show BTC at a short-term decision point. One setup warns that bullish momentum is weakening, while the other shows shorts closing as selling pressure starts to fade. Bitcoin Price Tests $73K as BTC Bearish Roadmap Puts Support in Focus Bitcoin is trading near $73,280 on the four-hour chart as analyst Man of Bitcoin says a short-term five-wave decline may show weakening bullish momentum. The chart shared on X shows BTC moving lower after failing to hold its recent upward channel. The analyst said a bounce from the current support area still looks likely, but the new bearish roadmap puts lower levels back in focus. Bitcoin Four-Hour Chart. Source: Man of Bitcoin on X 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. In Elliott Wave analysis, that structure can signal that buyers are losing short-term control, especially after a strong move higher. The nearest support area sits around the Fibonacci levels shown on the chart. These include about $72,920 at the 0.618 level, $71,579 at the 0.786 level and $69,906 at the full retracement level. A bounce from this zone could send Bitcoin back toward the $78,000 area first. If momentum improves, the next larger resistance level remains near $82,750, which also acted as a key rejection area on the chart. However, the bearish setup would stay active if BTC fails to hold the support box. In that case, the chart points to lower support near $64,974 and then $60,223. The wider roadmap also shows a possible deeper move into the summer if Bitcoin breaks below the current structure. The chart marks a lower path toward the $57,000 to $52,000 area, but that move would need more downside confirmation. On the upside, Bitcoin would need to reclaim the $82,750 level to weaken the bearish roadmap. A stronger breakout could then shift focus toward $87,220, $95,181 and the upper level near $97,990. Bitcoin Price Holds Near $73K as Shorts Start Closing BTC Bets Bitcoin is trading near $73,356 on the one-hour chart as analyst CW says 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. CW said the data suggests short positions are closing, meaning some traders are ending bearish bets. Bitcoin Open Interest and Net Delta Chart. Source: CW on X 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. Open interest tracks the total value of active futures contracts. When it falls, traders are closing positions instead of adding new exposure. CW said net position delta is increasing while open interest is decreasing. That combination can show that short sellers are closing positions, rather than new buyers fully driving the move. This matters because short closures can reduce selling pressure. If bearish traders exit positions, BTC may get room for a short-term bounce, even if the broader price structure still looks weak. The lower panel also shows net delta improving from deeper negative levels. That shift supports CW’s view that some bearish pressure has started to fade. However, the price chart still shows Bitcoin below the recent range. BTC remains under the $74,000 to $75,000 area, which now acts as the nearest short-term resistance zone. If Bitcoin holds above the $72,500 to $73,000 area, price could attempt another move toward $74,500 and then $75,500. A stronger recovery would need to reclaim the previous range near $76,000. If BTC loses the current support area, sellers could test lower levels again. In that case, the falling open interest would not be enough to confirm a bullish reversal. For now, CW’s chart shows a shift in futures positioning. Shorts appear to be closing, but Bitcoin still needs price confirmation before the move turns stronger.
