Bitcoin Price at Risk as Chart Flags Drop Toward $63,300

Bitcoin's recent price action has led to increased attention on its technical charts. According to More Crypto Online, Bitcoin is showing signs of short-term exhaustion after a five-wave advance and rejection near the $65,400 resistance area.

The chart shows that Bitcoin was trading near $65,031 after recovering from early-August lows and moving steadily higher within an ascending channel. This structure supports the view that a short-term wave (1) top may be close.

However, the immediate obstacle sits around the upper part of the current structure, with a horizontal resistance area near the mid-$65,000s. A sustained break above $66,291 would weaken the case for an immediate wave top and could allow Bitcoin to extend the advance toward the next major retracement level at approximately $69,166.

On the other hand, if the rejection develops into sustained selling, the chart highlights $63,300 as the first major downside destination. This scenario remains a possibility rather than confirmation.