Bitcoin’s price action has been rejected at a price level that has acted as resistance and support in the past five years. This macro resistance level that has defined Bitcoin’s price ceiling for nearly five years has once again turned back the bulls, and the consequences could be far more severe than the price action is currently pricing in.
Bitcoin Rejection At Macro Resistance
Bitcoin has run into a resistance level that has not mattered this much in years, in reference to the most recent rejection at $83,000 on May 6. According to a crypto analyst that goes by the name Chiefy on the social media platform X, that rejection is not just another failed rally but a reaction from a five-year macro resistance line that has touched some of Bitcoin’s most important turning points since the last major cycle.
The analyst believes Bitcoin has now followed the structure he previously warned about, moving into a bull trap near $83,000 before rejecting and falling to as low as $74,000. The trendline behind that rejection is important because it connects the early 2021 and mid-2021 cycle tops, stretches through Bitcoin’s first breakout above it in 2024, later acted as support in early 2025, and has now returned as resistance around the $83,000 zone.
Interestingly, the rejection zone also lines up with the 200MA. Rejections from this moving average have appeared around major cycle turning points in the past, including the 2014, 2018, and 2022 market phases.
The Levels That Now Matter
Now with the initial phase of Chiefy’s projection already confirmed, the next important thing is what comes next. Notably, there are three downside targets if Bitcoin continues to follow the pattern: $68,000, $61,000, and $48,000.
These levels fit the path drawn on the chart above, which shows Bitcoin first breaking lower below $76,000, then forming a brief relief bounce, before falling deeper into the red-circled $48,000 area. The most extreme bottom target of $48,000 is close to the weekly 350 moving average shown in pink and would be the final reset from the recent $83,000 bull-trap zone.
Bitcoin’s reaction around $74,000 now matters most because it could determine whether Chiefy’s bearish map will be feasible. The drop into that region came immediately after the rejection, but it has recovered back above $76,000 and is trading at $76,580 at the time of writing.
Even with that rebound, Bitcoin is still close to a support area that looks fragile. Sentiment shows that the market is no longer in a strong risk-on phase, with CoinMarketCap’s Crypto Fear & Greed Index now at 39, placing the market in a fear mood. A break below $74,000 would put $68,000 in focus as the next logical downside target.
Featured image from Getty Images, chart from Tradingview.com
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