BTC/USDT:USDT
Following a sharp drop to 73,653, BTC has formed a clear base above 74,000 on the 4H timeframe. The rejection wicks and recurring OKX volume spikes indicate that lower levels are being absorbed by spot accumulation. I expect a gravity-driven retest of the 75,500 resistance zone as shorts are squeezed and spot demand increases. The setup favors long entries on pullbacks toward 74,200 with a stop below the daily low.
Detailed Analysis
Price dropped to 73,653 but bounced swiftly to 75,544, now consolidating at 74,780. 1H RSI recovering from oversold.
Buyers successfully defended 74k. The bounce structure implies selling exhaustion and potential short covering.
Gradual uptrend back to 75,500-75,800 resistance area within 4-6 hours assuming volume holds.
A confirmed 4H candle close below 73,500 would invalidate the support defense thesis.