BTCUSD (Bitcoin) has been rangebound for almost a month following a mild pullback from its recent 2023 highs. However, the king of cryptos has been gradually forming a structure of lower highs and lower lows similar to the one observed during the April-June period, with the price posting a fresh two-month bottom in today’s session.

The momentum indicators currently suggest that near-term risks are tilted to the downside. Specifically, both the RSI and the stochastic oscillator are negatively charged just shy of their oversold territories.

To the downside, for Bitcoin to post a bearish breakout from its recent sideways pattern, the bears should initially push the price below the 28,550 hurdle. If that barricade fails, the spotlight could turn to the April bottom of 27,000 before the May low of 25,785 gets tested. Further declines might then cease at the June low of 24,750.

Alternatively, if the price regains traction and edges back above its downward sloping trendline, the $30,000 psychological mark could prove to be the first barrier for buyers to claim. A violation of that zone may open the door for the April peak of 31,064. Surpassing that region, the price could then challenge the 14-month high of 31,827.

Overall, BTCUSD has been trading sideways for quite some time amid a broader evolving bearish short-term pattern, which resulted in a fresh two-month low in today’s session. For the bulls to regain confidence, the price needs to jump back above the 50-day SMA.