Bitcoin Sellers Defend $63,500 Resistance — $61,000 in Focus

Jul 14

Hello traders! Here’s my technical outlook based on the current BTCUSDT (4H) chart structure. BTCUSDT previously traded inside a broad descending channel while repeatedly reacting between the 61,000 Buyer Zone and 63,500 Seller Zone. After recovering from the lower channel support, price formed a rising structure but was recently rejected near the channel resistance. Currently, BTCUSDT is trading above the 61,000 Buyer Zone while remaining below the 63,500 Seller Zone. The recent breakdown below the rising support line suggests weakening bullish momentum and increasing selling pressure. As long as BTCUSDT remains below the 63,500 Seller Zone, the bearish scenario remains valid. A rejection from current levels could push price back toward the 61,000 Buyer Zone (TP1), where buyers may attempt to regain control. Please share this idea with your friends and click "Boost" 🚀

Jul 15

Trade active

So far, the situation is such that the price has retested the support. If it can consolidate above the support, the scenario will be canceled!

Jul 17

Trade closed manually

As we can see, the support has already shifted upwards and it is quite possible that the price has already exited the descending channel and is forming a reversal!