Bitcoin has fallen back following the channel rejection, with the $61,200 to $60,700 liquidity zone in focus. If the buyer defends the field; $BTC There is still a chance of a recovery towards $65,700-$67,400, but a loss of support could open the door to below $59,700.
Bitcoin channel rejection puts $59.7k back in focus
Bitcoin has been rejected near the top of the 4-hour channel, refocusing attention on short-term downside levels. If the seller maintains control, $BTC A pullback towards $59,700 is likely, with $56,550 being the next deeper target.
$BTC 4 hour chart. sauce: X ant chart, TradingView
The chart shows that Bitcoin is trading within a descending channel, with the price being pushed to the upper bound before falling recently.
This rejection is important because in modern structures the top of the channel acted as a resistance. if $BTC If it fails to break out, the move could move back toward the middle or bottom of the channel.
According to Ali Charts, the first downside target is around $59,700. This level is consistent with the lower channel area and could serve as the next major support if the decline continues.
The chart below shows $56,550 as the next big downside level. A move into this zone would suggest that sellers are still in control of the broader short-term structure.
Levels near $61,250 and $58,000 could also be important during this move. These can act as temporary reaction areas if prices start to fall.
However, the bearish case still requires follow-through. if $BTC The pullback setup will weaken if it regains the upper channel area and moves above $63,600.
For now, channel rejection is the main signal. A break below the top of the range will attract attention at $59,700, while a stronger breakdown could pave the way to $56,550.
Bitcoin liquidity sweep could determine next move towards $67,000
Bitcoin is trading above major liquidity zones, with one analyst watching for a possible jump into the $61,200 to $60,700 area before others move higher. If the buyer protects the zone, $BTC After that, you might target the $65,700 to $67,400 area.
$BTC 4 hour chart. sauce: Minga on X, TradingView
The chart shows that $BTC After a recent rally, the stock has pulled back and is currently trading above the gray liquidity box marked between approximately $61,200 and $60,700.
According to Minga, this is the first major liquidity zone to watch. He said prices could push into that area before attempting to move higher.
The zone is important because $BTC It still holds just above it. If buyers intervene there, the decline could turn into a liquidity grab rather than a more serious breakdown.
However, this setup has a second drawback. If Bitcoin breaks below the gray box, Minga expects it to move towards $59,500, which he calls the main magnet to the downside.
The analyst also said that this is the last major support zone for bullish continuation. If the bottom is really there, $BTC This area must be preserved on retesting.
A strong response from $61,200 to $60,700 or $59,500 would keep the recovery action alive. From there, the chart suggests that $BTC It could rise towards $65,700 to $67,400 later this month.
For now, pullback is the key test. Bitcoin needs to defend support before the next up leg becomes more likely.
