Bitcoin’s recent rejection at $65,239 has put its short-term performance under continued pressure, with traders monitoring support levels at $63,268, $62,180, and the key $60,000-$61,000 region. As of now, Bitcoin is trading close to $63,736 after losing momentum near the upper resistance zone, leaving bearish targets active for the near term.
Reversal below resistance keeps bearish outlook in play
The cryptocurrency briefly reached an upside target just above $65,200 before reversing direction on the one-hour chart. This pullback follows what analysts have identified as a corrective three-wave recovery, labeled as an A-B-C structure, rather than the start of a strong upward trend.
Immediate resistance lies at $64,189, followed by additional hurdles at $64,547 and $65,061. Unless Bitcoin climbs back above these levels, there remains a risk of further losses toward the next set of support zones.
If Bitcoin manages a sustained rise above the recent swing high at $65,661, analysts argue the bearish sequence could weaken, opening the door for further gains. For now, however, this area remains a critical invalidation level for any negative scenario.
While Bitcoin trades below $65,239, downside pressure persists, and a confirmed hourly break under $63,268 would increase the likelihood of testing lower support at $62,180 and below.
Support at $63,268 is seen as an initial barrier against further decline. If price falls convincingly below that, market participants are watching $62,180, which aligns with the chart’s 0.5 Fibonacci retracement zone.
A deeper drop would shift focus to the $61,278-$61,111 region. This area, marked by both horizontal support and Fibonacci indicators, is expected to be significant for buyers seeking to halt selling pressure.
Analysts also highlight a final target near $59,620. According to Elliott Wave theory, reaching this area would mark a fifth and final leg down, but only if Bitcoin loses all intermediate support on its way.
| Level | Price Zone | Role |
|---|---|---|
| Resistance | $64,189 / $64,547 / $65,061 | Near-term supply zones |
| Major Resistance (Invalidation) | $65,661 | Bearish scenario invalidation |
| Support 1 | $63,268 | First major support |
| Support 2 | $62,180 | 0.5 Fibonacci retracement |
| Key Reaction Zone | $61,278-$61,111 | Overlap of support & Fibonacci |
| Final Downside Target | $59,620 | Elliott Wave potential fifth leg |
Analysts watch monthly fair value gap for potential rebound
On the higher time frame, Bitcoin’s technical chart reveals a new monthly fair value gap (mFVG) ranging from $67,000 to $72,000. Some analysts, including Kaz, believe Bitcoin could rebound toward the lower boundary of this zone near $67,000-$68,000 before facing a fresh rejection.
A fair value gap is a price region left behind when the asset moves quickly, resulting in limited trading activity within that band. The existence of this gap suggests the market might revisit the area before resuming any clear trend.
Mini dictionary: Monthly fair value gap (mFVG), also called a fair value gap, is a technical pattern that marks price zones with little trading volume, often acting as magnets for future price movement to fill the gap and rebalance market activity.
Bitcoin’s prior price action has seen similar monthly gaps filled over time, which adds weight to predictions that the cryptocurrency could climb back to test $67,000–$68,000. Still, not every gap is guaranteed to be filled, and the potential for a direct drop to $60,000–$61,000 remains.
Analysts note that a clear rejection after a move into the $67,000–$68,000 zone would strengthen a bearish outlook, while a close above $72,000 would weaken downside risk.
Should Bitcoin revisit the imbalance zone and fail to break above it, further declines toward $60,000–$61,000 may become more likely. Many traders are waiting for price action around these major areas of interest before taking a new long or short position.
If Bitcoin instead holds above $67,000 and manages to establish support at $72,000, that would dampen the current bearish setup. For now, market participants remain cautious until price confirms a clear direction.
