Bitcoin has climbed back above $65,000, but a TradingView analyst’s bearish technical setup is flagging significant downside risk if the market cannot sustain momentum above nearby resistance.
The analyst identified a “bearish continuation setup” after Bitcoin rejected a descending trendline and resistance around $64,500 to $64,700. At the time of writing, BTC was trading at $65,101, having ranged between a low of $63,226 and a high of $65,123 intraday.
According to the setup, if Bitcoin fails to hold above the $64,500-$64,700 resistance zone, the first downside target sits at $62,200. A deeper target zone extends to $60,700 and $61,000 if selling pressure intensifies.
The analyst argues that sellers remain in control while price stays below the dynamic resistance structure. The invalidation level for the bearish case is positioned above $64,700, meaning a sustained break above that zone would signal a shift in momentum.
The distinction between reclaim and rejection matters for market direction. If BTC turns the $64,500-$64,700 zone into support, traders may look for a broader relief move higher. If the level fails as a reclaim, it suggests the market is absorbing overhead supply, keeping sellers in the driver’s seat.
Bitcoin’s recent choppy stretch with a tight intraday range has left leverage positioning vulnerable on both sides. Traders holding long positions above resistance face risk of liquidation cascades if support breaks. Short sellers, meanwhile, remain exposed to quick reversals if momentum reclaims the zone.
The $64,700 level has emerged as the critical pivot point for the near term. A close above it would negate the bearish setup. A breakdown below $64,500 would activate the downside targets and potentially trigger a broader liquidation event in leveraged longs.
