BTCUSDT Short: Reaches Supply Line – Rejection Scenario in Focus

Jul 6

Hello traders! Here’s my technical outlook based on the current BTCUSDT (4H) chart structure. BTCUSDT previously traded inside a broad descending channel before breaking below support, confirming strong bearish momentum. After finding demand near 61,000, buyers triggered a recovery, but price has now reached a major descending supply line and key resistance area.

Currently, BTCUSDT is trading below the 64,000 Supply Zone while holding above the 61,000 Demand Zone. The recent rally is testing long-term trendline resistance, where sellers may attempt to regain control.

As long as BTCUSDT remains below the 64,000 Supply Zone and respects the descending supply line, the bearish scenario remains valid. A rejection from current levels could push price back toward the 61,000 Demand Zone (TP1). Manage your risk!

Jul 7

Trade active

We see that there was a retest of the resistance and the sellers held this level, pushing the price down. So I expect further decline!