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BTC Bitcoin is approaching the US$66,000 to US$72,000 range and continues to face strong resistance.
Recent price movements suggest that the current rebound is only corrective in nature. Market signals suggest that unless Bitcoin can stabilize above $72,000, any upside is likely to be short-lived.
$65,600 resistance raises concerns
Traders are closely watching the untouchable level of $65,600, which is seen as a potential short-term target. If prices briefly break through this point, it may attract buyers who expect continued increases to enter. However, analysts pointed out that this trend may be just a liquidity sweep, inducing chasers to enter the market and then reversing downward.
If Bitcoin rises above US$65,600 and then falls back quickly, several less liquid levels around US$61,807, US$61,540 and US$61,305 will become the next focus. A deeper decline would bring a wide range of $60,000 to $61,000 into view. Patterns near recent highs also support the view that lower highs may form, suggesting that bears could regain control if a rebound is blocked.
Conversely, if Bitcoin continues to stand above US$72,000, it could overturn this bearish scenario and open up room for higher resistance levels.
Corrected structure-led rally
Bitcoin's latest rebound since its low at the end of June has raised hopes among some market participants, but technically still regards it as a corrective rise. Analysts believe that this trend belongs to the ABC adjustment structure rather than the beginning of a new round of bullish trend.
According to this view, a rise from a low at the end of June to about $64,750 constitutes A wave A, followed by a brief correction into a wave B, and the current upside may be completing a wave C. As long as Bitcoin remains below the main resistance level, the entire structure is seen as a correction in a larger downward trend.
Spot resistance is around US$66,000. Further up, there is significant resistance at $69,000 and $72,000, while a downtrend line further exacerbates the suppression in the region.
If it rebounds to the US$69,000 to US$72,000 region, the pattern may be corrected and the bears may then re-enter. However, breaking through the downtrend line and keeping the daily close above $72,000 will challenge bearish expectations.
If support near US$62,500 falls, the focus could return to US$61,000 and then hit the end of June low near US$58,000, which would increase the possibility of further downside.
Bitcoin's current price structure suggests that the rebound is corrective, with resistance levels around $66,000,$69,000 and $72,000 remaining the decisive factor. In the absence of a clear breakthrough, the risk of encountering resistance again persists, potentially diverting attention to lower levels.
Key prices and potential movements
US$65,600: Possible liquidity sweep and short-term breakthrough targets
US$66,000: First resistance barrier
US$69,000 -72,000: Main resistance area that may limit corrective rebound
61,807 / 61,540 / 61,305: If the rebound is blocked, it is a lower liquidity target
US$60,000 -61,000: Broad support and downside targets
US$72,000 (continued to stand firm): Overturn the bearish situation and open higher targets
