Bitcoin is pushed back above $65,000, but a TradingView setup keeps traders focused on the risk of another decline if the market fails to maintain momentum above nearby resistance.
TL;DR
- A TradingView analyst said that BTC rejected the $64,500-$64,700 resistance zone.
- The setup identifies $62,200 as the first downside target.
- A deeper target zone is between $60,700 and $61,000.
- Bitcoin was trading around $65,101 at the time of writing, making resistance recovery an important test.
The TradingView article, titled “BTCUSDT – Bearish Continuation Setup,” claims that Bitcoin showed weakness after rejecting a descending trendline and resistance around $64,500 to $64,700. The analyst says sellers maintain control while price remains below this dynamic resistance structure.
Bitcoin tests bearish chart
The short-term map of the message is simple. If BTC breaks below the current support zone, the analyst first monitors $62,200 and then $61,000, with $60,700 described as the main target zone. The proposed invalidation is greater than $64,700.
This last point is important because Bitcoin has since been trading around $65,101, according to current market data. In other words, the market is currently testing the area that the bearish pattern considered a ceiling. A sharp hold above this band would weaken the near-term continuation argument, while a failed breakout below this band would keep the bearish chart alive.
Why $64,700 matters
Short-term Bitcoin analysis often depends on whether a broken resistance zone becomes support. If BTC manages to turn the $64,500-$64,700 area into a bottom, traders could start looking for a broader relief move. If the level turns into another recovery failure, it would suggest the market is still absorbing airline supply.
The setup also comes after a turbulent period for Bitcoin, with intraday data showing a low around $63,226 and a high near $65,123. This range is narrow enough to make leveraged positioning vulnerable on both sides, especially if price begins to quickly break through the levels highlighted on the chart.
What comes next?
The bearish scenario requires confirmation. A single rejection is not enough, especially when BTC is already challenging the invalidation zone. The clearest signal would be a loss of the reclaimed resistance zone, followed by a move towards $62,200.
In the meantime, traders have a simple decision point. Bitcoin above $64,700 returns pressure to bears. Bitcoin’s return below this region brings the bearish zones of $62,200 and $60,700 back to $61,000.
This article was written by the News Desk and edited by Samuel Rae.
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