Bitcoin has surged above $65,000, but one TradingView setting is keeping traders focused on the risk of another downtrend if the market fails to maintain momentum above nearby resistance.
TL;DR
- BTC has rejected the $64,500-$64,700 resistance area, says a TradingView analyst.
- The setup identifies $62,200 as the first negative target.
- The deeper target zone is between $60,700 and $61,000.
- Bitcoin was trading at around $65,101 at the time of writing, making reclaiming resistance an important test.
TradingView post titled “BTCUSDT – Bearish Continuation Setup”he argues Bitcoin It showed weakness after rejecting the downtrend line and resistance around $64,500 to $64,700. The analyst says sellers remain in control while the price remains below the dynamic resistance structure.
Bitcoin is testing the bearish chart
This post’s near-term map is clear and straightforward. If BTC drops below the current support zone, the analyst is watching $62,200 first, then $61,000, with $60,700 described as the main target area. The proposed rescission exceeds $64,700.
This last point is important because Bitcoin It has since traded at around $65,101, according to current market data. In other words, the market is now testing the area that the bearish model saw as a ceiling. Holding above this range would weaken the short continuation argument, while a failed break below it would keep the bearish chart alive.
Why $64,700 matters
Short-term Bitcoin analysis often focuses on whether or not a broken resistance area becomes support. If BTC can turn the $64,500 to $64,700 area into a floor, traders may start looking for a broader relief move. If the level turns into another failed recovery, this indicates that the market is still absorbing excess supply.
The setup also comes after a choppy stretch for Bitcoin, with intraday data showing a low at $63,226 and a high near $65,123. This range is narrow enough to make a leveraged position vulnerable on both sides, especially if the price starts moving quickly through the levels shown on the chart.
What comes next?
The bearish scenario needs confirmation. One rejection is not enough in itself, especially when BTC is already challenging the invalidation zone. The cleanest signal would be a loss of the reclaimed resistance area, followed by a move towards $62,200.
Until then, traders will have a simple decision point. Bitcoin above $64,700 puts pressure on bears. Bitcoin’s return below that area refocuses on the negative areas of $62,200 and $60,700-$61,000.
This article was written by the News Desk and edited by Samuel Ray.
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