Bitcoin hit resistance near $65,239 and quickly pulled back, keeping downside targets in focus. The immediate support zones range from $63,268 down to the $60,000-$61,000 area, with the current trading price around $63,736. This reversal suggests the recent rally might have been a corrective move rather than a fresh bullish breakout.
To regain bullish momentum, Bitcoin must reclaim levels above $64,189 and push past the $65,660 mark, which would invalidate the current bearish outlook. If it fails, sellers could drive the price down to key Fibonacci retracement points near $62,180 and the $61,278-$61,111 range, a zone critical for buyers to hold. A further drop could pave the way to a target close to $59,620, signaling a fifth wave down according to Elliott Wave analysis.
On the upside, Bitcoin could attempt a rebound toward the monthly imbalance zone between $67,000 and $68,000, but this requires overcoming the recent resistance hurdles. Until then, the path remains tilted toward the downside, with a decisive break below $63,268 confirming growing bearish momentum.
This material is for informational purposes and does not constitute financial advice.
