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BTC Bitcoin may fake a breakthrough of US$65,600 and fall back to US$60,000.
Bitcoin may first push up to a high-level area near US$65,600, attracting breakthrough buyers to enter, and then reverse downward. The chart views this trend as a possible liquidity scan rather than a signal to start a rebound to $68,000 -70,000.
The high near $65,600 has not yet been touched, making it a natural short-term target. A brief breakthrough in this level could trigger stop-loss orders and attract late-stage buyers, providing liquidity for larger selling orders.
However, there are still multiple untouched liquidity areas below, roughly at US$61,807, US$61,540 and US$61,305. If Bitcoin sweeps past its highs and quickly falls back below $65,600, these lower levels will become the next target and may then point to a broader $60,000 -61,000 range.
The arc structure near recent highs also supports the scenario of lower highs. However, the short pattern still needs to be confirmed by prices being blocked and falling below nearby support; continuing to stand above $65,600 will weaken expectations of a long trap and open up room for higher resistance areas.
Bitcoin's rebound is still correctional, with main resistance approaching
Bitcoin's rebound from the end of June low is still correctional, rather than a confirmed uptrend start. Prices have rebounded to around $64,750, but the overall structure still lacks the strength needed to reverse previous declines.
The chart marks this rally as an ABC correction, with the first wave of gains constituting an A wave and the subsequent correction constituting a B wave. Bitcoin may still complete the C-wave rally, but that trend will still be part of the correction unless the price breaks through the main resistance and changes the larger structure.
The first resistance is near $66,000, where the previous rally lost momentum. Above, the chart shows resistance near $69,000 and $72,000, while a downtrend line is exerting pressure in the same area.
If the price enters the US$69,000 -72,000 range, a corrective rally may be completed and selling may then return. However, if the daily line breaks through the trend line strongly and continues to trade above $72,000, it will weaken the bearish interpretation.
Before this happens, the rebound may still be blocked again. If support near $62,500 is lost, attention will turn back to $61,000, then to the end of June low near $58,000.
