Bitcoin‘s (CRYPTO: BTC) strength around $70,000 is fueling hopes of a move higher, but one analyst warns the broader trend still points to downside.

Pattern Signals Weakness

Prominent analyst Trader Mayne on Monday said Bitcoin’s price action is closely mirroring a previous range pattern, including a failed breakdown, a retest of a key level and a sweep of highs.

He said the setup suggests a repeat scenario, where price ultimately breaks down toward range lows.

In the short term, Mayne said the bearish case remains dominant, with traders favouring short positions targeting lower levels.

Bulls still have a path, but only if Bitcoin reclaims the $72,000 range high. Without that, he said, any…

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