Analysts warn of lower levels ahead

What does BTC’s latest rejection mean for the asset’s upcoming price movements?

There are a lot of things that aren’t going Bitcoin’s way at the moment, but we’ll get to that in a moment. For this introduction, we will simply suggest that BTC might actually be performing better than expected, at least for now.

However, the latest rejection at $64,000 could lead to more problems, and here are the new bearish targets set by Ali Martinez and Ted Pillows.

No background yet

Think about it: the war just restarted today as Iran and the United States launched new strikes against each other, Strategy sold over 3,500 BTC, recent reports suggest the capitulation of a major miner, AI continues to extract capital from crypto markets, BTC ETFs have bled over $8 billion in two months, the Fed doesn’t seem inclined to cut rates anytime soon, and Yet, the cryptocurrency is still trading above $60,000.

Although Bitcoin has managed to withstand all this macroeconomic pressure, to some extent, this is of course a technical blow. At first, it was popular analyst Ted Pillows who claimed that BTC’s bottom had not yet been reached. Basing his theory on historical performance, he drew a chart indicating that the asset could fall below $50,000, or even $45,000, before reaching that level.

Ali Martinez weighed in on bitcoin’s rejection at $64,000. He believes that stopping at the top of this channel could trigger a deeper near-term pullback to below $60,000 or even a new multi-year low of $56,550.

Bitcoin $BTC is rejected at the top of its channel.

This could trigger a pullback towards $59,700, with $56,550 as the next downside target. pic.twitter.com/GvI9fMFQbD

— Ali Charts (@alicharts) July 8, 2026

The positive side

Another analyst on X, CW, talked about Kimchi Premium – the price of BTC on Korean exchanges compared to the rest of the world. The measure demonstrates the current demand in the Asian country. It had long since fallen to -2%, setting the record for the longest negative period in the last 5 years.

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However, according to CW data, it fell to -0.835%, which means that the demand for BTC in Korea is returning. This is considered one of the key indicators that could suggest a trend reversal, especially if it turns positive soon.

The $BTC Kimchi Premium Strategy indicator shows a positive trend.

Kimchi Premium also decreased by -2% to -0.835%.

The longest period of negative Kimchi Premium in the last 5 years is maintained. However, the end of the downtrend is approaching. pic.twitter.com/Bivsx4wRqS

– CW (@CW8900) July 8, 2026