Bitcoin Bears Eye $60,700 Target As BTC Rejects Key Resistance

Bitcoin has pushed back above $65,000, but one TradingView setup is keeping traders focused on the risk of another downside leg if the market fails to sustain momentum above nearby resistance.

A TradingView analyst says BTC rejected the $64,500-$64,700 resistance area. The setup identifies $62,200 as the first downside target, with a deeper target zone between $60,700 and $61,000. Bitcoin was trading around $65,101 at the time of writing, making the resistance reclaim an important test.

The TradingView post, titled ‘BTCUSDT – Bearish Continuation Setup’, argues that Bitcoin had shown weakness after rejecting a descending trendline and resistance around $64,500 to $64,700. The analyst says sellers remain in control while price stays below that dynamic resistance structure.

If BTC breaks below current support, the analyst is watching $62,200 first, then $61,000, with $60,700 as the main target zone. The proposed invalidation is above $64,700. Bitcoin has since traded around $65,101, testing the area that the bearish setup treated as a ceiling. A clean hold above that band would weaken the short continuation argument, while a failed breakout back below it would keep the bearish map alive.

Short-term Bitcoin analysis often turns on whether a broken resistance area becomes support. If BTC can turn the $64,500-$64,700 zone into a floor, traders may look for a broader relief move. If the level turns into another failed reclaim, it would suggest the market is still absorbing overhead supply.

The setup comes after a choppy stretch for Bitcoin, with intraday data showing a low around $63,226 and a high near $65,123. This range makes leverage positioning vulnerable on both sides, especially if price moves quickly through highlighted levels.

The bearish scenario needs confirmation. A single rejection is not enough, particularly when BTC is already challenging the invalidation area. A cleaner signal would be a loss of the reclaimed resistance zone, followed by a move toward $62,200. Until then, Bitcoin above $64,700 shifts pressure back onto bears, while a drop below that region brings the $62,200 and $60,700-$61,000 downside zones back into focus.

Source: https://bitcoinist.com/bitcoin-bears-eye-60-700-target-as-btc-rejects-key-resistance/