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 bounce is likely to form a lower high and face selling pressure.

Broader Trend Remains Bearish

Mayne said the broader outlook remains bearish, with the market still in a downtrend.

Even if Bitcoin rallies toward $80,000, he expects the move to fade, like relief rallies seen in traditional markets like the S&P 500.

He pointed to macro factors, particularly developments in the U.S.-Iran situation, as key drivers of volatility.

A meaningful resolution could improve sentiment and potentially mark a bottom, he said. Until then, the bias remains cautious to bearish.

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