Bitcoin faces rejection at $65,000 and risks correction to $60,000

Bitcoin (BTC) tried to reclaim the $65,000 price level today, which is the current resistance that needs to be flipped into support, according to the trader identified as Rekt Capital. BTC got rejected and was quickly sent to $63,000 but managed to hold. However, the bottom of the current price range is $60,000, and Bitcoin could still risk a trip to that price level.

#BTC

Bitcoin is still trying to reclaim this ~$65000 level as support

That said, this level is acting as resistance today

For price to enjoy trend continuation to the upside, it needs to Daily Close above ~$65000 (blue)

Otherwise, BTC risks rejection$BTC #Crypto #Bitcoin pic.twitter.com/QhVEVvly3V

— Rekt Capital (@rektcapital) July 18, 2024

The trader added that this is just the first attempt by Bitcoin to break the current resistance, which means that a stronger rejection could happen and send BTC even lower than $63,000 next time. Yet, if succeeded, the movement would put Bitcoin in a new price range between $65,000 and $71,000.

Notably, Rekt Capital’s fellow trader identified as Altcoin Sherpa highlighted that the range between $62,000 and $63,000 is important for Bitcoin, and it is the first area from where the crypto could rebound and try to surpass the resistance at $65,000.

Nevertheless, Altcoin Sherpa points out that this first range could fail to hold. In this case, just as expressed by Rekt Capital, Bitcoin would search for new support at the bottom of the current price cluster at $60,000.

Despite the volatility seen at the top of the price cluster, Bitcoin is still up 11% over the past seven days, according to data aggregator CoinGecko. Additionally, the price is down by only 0.6% over the past 24 hours.