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06/23 02:30
Bitcoin Bears Eye $60,700 Target As BTC Rejects Key Resistance
Bitcoin has pushed back above $65,000, but one TradingView setup is keeping traders focused on the risk of another downside leg if the market fails to sustain momentum above nearby resistance.TL;DR
A TradingView analyst says BTC rejected the $64,500-$64,700 resistance area.
The setup identifies $62,200 as the first downside target.
A deeper target zone sits between $60,700 and $61,000.
Bitcoin was trading around $65,101 at the time of writing, making the resistance reclaim an important test.
The TradingView post, titled “BTCUSDT – Bearish Continuation Setup”, argues that Bitcoin had shown weakness after rejecting a descending trendline and resistance around $64,500 to $64,700. The analyst says sellers remain in control while price stays below that dynamic resistance structure.
Bitcoin Tests The Bearish MapThe post’s near-term map is straightforward. If BTC breaks below the current support area, the analyst is watching $62,200 first, then $61,000, with $60,700 described as the main target zone. The proposed invalidation is above $64,700.That last point is important because Bitcoin has since traded around $65,101, according to current market data. In other words, the market is now testing the area that the bearish setup treated as a ceiling. A clean hold above that band would weaken the short continuation argument, while a failed breakout back below it would keep the bearish map alive.Why $64,700 MattersShort-term Bitcoin analysis often turns on whether a broken resistance area becomes support. If BTC can turn the $64,500-$64,700 zone into a floor, traders may start looking for a broader relief move. If the level turns into another failed reclaim, it would suggest that the market is still absorbing overhead supply.
The setup also comes after a choppy stretch for Bitcoin, with intraday data showing a low around $63,226 and a high near $65,123. That range is tight enough to make leverage positioning vulnerable on both sides, especially if price starts moving quickly through the levels highlighted on the chart.What Comes Next?The bearish scenario needs confirmation. A single rejection is not enough on its own, particularly when BTC is already challenging the invalidation area. The cleaner signal would be a loss of the reclaimed resistance zone, followed by a move toward $62,200.
Until then, traders have a simple decision point. Bitcoin above $64,700 shifts pressure back onto bears. Bitcoin back below that region brings the $62,200 and $60,700-$61,000 downside zones back into focus.This article was written by the News Desk and edited by Samuel Rae.
This article is based on technical analysis by TradingView analyst, available at TradingView
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