This range now acts as resistance, opening way for a bearish breakout that would continue the downtrend.
If ~$64k continues to act as resistance, the most likely scenario is #BTC price will pull back for another full subcycle, opening up a target in support channel between $56k-$51k.
In this case, the key point of subcycle is the control point at around $58,000 and current support channel becomes resistance (an area to increase short hedge positions).
Miner Capitulation Index reached a new peak above 65 🔴 (capitulation level) in 2026
Historically, when miners have low returns (Puell Multiple > 1.00) and mining costs exceed price #BTC this signaled periods of capitulation and formation of bottom.
The indicator is expected to reach 95+, confirming the start of a short-term uptrend and opening the door for #BTC to test resistance channel ($71k–$76k)