Bitcoin Near $65K Resistance — Is a Major Correction Beginning?

Jul 7

Over the past five days, Bitcoin(BTCUSDT) appears to have formed an ascending channel and is currently moving near its resistance zone($64,750-$63,700).

From an Elliott Wave perspective, Bitcoin seems to have completed its impulsive five waves.

Since we do not have supportive volume and the DXY index(DXY), U.S. 10-Year Government Bond Yield(US10), and likely the S&P 500(SPX500) have factors pointing toward resistance or corrections, this may prevent further upside for Bitcoin.

Also, we can see negative Regular Divergence(RD-) between consecutive peaks.

I expect that in the coming hours, after breaking the lower line of the ascending channel, Bitcoin could at least drop toward the Cumulative Long Liquidation Leverage($61,270-$60,440)

First Target: $61,545

Second Target: $59,900

Third Target: Cumulative Long Liquidation Leverage($58,300-$57,700)

Stop Loss(SL): $65,253

Cumulative Short Liquidation Leverage: $68,650-$67,500

Cumulative Short Liquidation Leverage: $65,100-$64,250

Cumulative Long Liquidation Leverage: $62,560-$62,220

Note: Key trading levels that Bitcoin needs to cross are $62,500 and $60,500, where significant buying volume seems to be present. These levels are crucial to monitor in Bitcoin’s price action.

What’s your view on Bitcoin? Can it move above $65,000, or should we expect a correction?

💡 Please respect each other's opinions and express agreement or disagreement politely.

📌Bitcoin Analysis (BTCUSDT), 1-hour time frame.

🛑 Always set a Stop Loss(SL) for every position you open.

✅ This is just my idea; I’d love to see your thoughts too!

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Jul 7

Trade active

Jul 10

Trade closed: target reached

First Target Done($61,545)

Bitcoin reached my first target at $61,545 exactly. Following the renewed rally in the S&P 500 and Gold, Bitcoin also joined the bullish momentum and moved higher.

At the moment, BTC has entered a key resistance zone, where the next price reaction will likely determine the short-term direction.

I'll be updating my Bitcoin analysis over the next few hours as new price action develops.