Bitcoin Reclaims $65K, Tests $64.5–$64.7 — TradingView Warns of Drop to $60.7–$62.2K
Bitcoin has reclaimed the $65,000 area, but a popular TradingView setup keeps traders wary of another leg down if the rally can’t hold above nearby resistance. The TradingView post, titled “BTCUSDT – Bearish Continuation Setup,” argues Bitcoin showed clear weakness after rejecting a descending trendline and resistance in the $64,500–$64,700 band. According to the analyst, sellers remain in control while price trades beneath that dynamic resistance. The near-term roadmap is straightforward: if BTC breaks below current support, the analyst is watching $62,200 first, then $61,000, with $60,700 identified as the main target zone. The bearish setup would be invalidated by a move above $64,700. That invalidation area is being put to the test. Market data shows Bitcoin around $65,101 — testing the very ceiling the bearish scenario flagged. A clean hold above $64,500–$64,700 would weaken the short-continuation case; a failed breakout that collapses back below would keep the bearish thesis intact. Short-term direction hinges on whether the broken resistance can flip into support. If BTC turns the $64,500–$64,700 zone into a floor, traders could start looking for a broader relief move. If that level becomes another failed reclaim, it would signal ongoing absorption of overhead supply. Bitcoin’s recent action has been choppy: an intraday low near $63,226 and a high around $65,123. That tight range leaves leveraged positions exposed on both sides, especially if price accelerates through the key levels highlighted in the TradingView chart. The bearish scenario still needs confirmation — a single rejection won’t be definitive, particularly while BTC is testing the invalidation band. A cleaner signal would be a loss of the reclaimed resistance zone followed by a move toward $62,200. For now, traders have a clear decision point: a sustained move above ~$64,700 would put bears on the defensive, while a drop back below that region refocuses attention on the $62,200 and $60,700–$61,000 downside zones. This article was written by the News Desk and edited by Samuel Rae. Analysis is based on a TradingView post available on TradingView. Read more AI-generated news on: undefined/news
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