Bitcoin for BINANCE:BTCUSDT by MARKET_WIZARD1
BTCUSDT continues to trade under bearish pressure after failing to break above the key resistance zone. Price was rejected multiple times around 64,800–65,600, confirming that sellers are defending this area aggressively. From a technical perspective, Bitcoin is forming lower highs inside a bearish structure, indicating weakening buying strength. As long as price remains below the descending channel and resistance zone, further downside remains the higher-probability scenario. A short-term …
BTCUSDT continues to trade under bearish pressure after failing to break above the key resistance zone. Price was rejected multiple times around 64,800–65,600, confirming that sellers are defending this area aggressively. From a technical perspective, Bitcoin is forming lower highs inside a bearish structure, indicating weakening buying strength. As long as price remains below the descending channel and resistance zone, further downside remains the higher-probability scenario. A short-term bounce may occur, but unless buyers reclaim the broken trendline with strong bullish momentum, any recovery could simply be another selling opportunity. 📉 SELL Scenario🔴 Resistance 1: 64,800 – 65,000🔴 Resistance 2: 65,500 – 65,700🎯 Target 1: 63,200🎯 Target 2: 62,000 (Major Support)✅ Market Outlook:Bitcoin remains bearish while trading below the descending channel and resistance zone. Sellers currently maintain control, and failure to reclaim 65,000+ keeps the downside outlook intact. Only a strong breakout above the resistance area would invalidate the current bearish bias and shift momentum back in favor of the bulls. ⚠️ Disclaimer: This analysis is for educational purposes only. Always use proper risk management and wait for confirmation before entering any trade. DisclaimerThe information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in theTerms of Use.