Bitcoin Tests $70,500 Range High as Analysts Warn of Rejection Risk Toward $62,800

Bitcoin returned to the upper boundary of its trading range near $70,500, with analysts Lennaert Snyder and Zord warning that failure to break higher could trigger a move back toward support around $62,800. Snyder said he is avoiding long positions at these levels, viewing the risk-to-reward as unfavorable, and is watching for a loss of the $69,383 market structure level to target "weak lows" around $65,280, or for price to sweep liquidity at $71,200 and $72,846 before a bearish Market Structure Break confirms a short setup toward the same $65,280 area. Zord said Bitcoin has "accurately tapped" his identified Range High at approximately $70,500, noting that while a breakout could open the way to a new all-time high or a sweep of $74,000, the absence of a clear breakout leaves open the risk of a rejection that sends BTC back through the Range Mid and down to the Range Low around $62,800.