Bearish Rejection at Resistance – Downside Move Expected

Jul 30

Bitcoin is trading inside a broader downtrend, with the descending trendline continuing to act as dynamic resistance. Price recently rallied into the highlighted 64,700–64,900 resistance zone, where it aligns with the previous trendline and a key supply area. This confluence increases the probability of a bearish rejection.

The market structure shows a previous Change of Character (CHoCH) followed by a strong sell-off, confirming that sellers remain in control. Although price has formed a Fair Value Gap (FVG) and attempted to recover, the current rally appears to be a retest of resistance rather than the start of a new bullish trend.

If buyers fail to secure a clean breakout and close above the resistance zone, Bitcoin could face renewed selling pressure. In that scenario, the next likely destination is the 63,100–63,300 support area, which serves as the primary downside target. However, a decisive breakout above the resistance and trendline would invalidate the bearish outlook and could trigger further upside momentum.

Bias: Bearish
Resistance: 64,700–64,900
Support/Target: 63,100–63,300
Invalidation: Sustained 1H candle close above the resistance zone and descending trendline.

6 days ago

Trade closed: target reached

Bearish Target Hit Successfully

Bitcoin respected the descending trendline and faced a clean rejection from the 64,700–64,900 USDT resistance zone. The bearish setup played out as expected, with price breaking lower and reaching the 63,100–63,300 USDT target. The market is now reacting from support, and the next move depends on whether buyers can reclaim resistance or sellers continue the dominant downtrend.

Status: ✅ Target Completed
Resistance: 64,700–64,900 USDT
Support Reached: 63,100–63,300 USDT
Bias: Bearish until resistance is reclaimed.