Bitcoin Price at Risk of $63,300 Drop After Failing Resistance Test
Bitcoin's recent price surge may be coming to an end as it shows signs of short-term exhaustion. According to technical charts, BTC is at risk of a drop towards $63,300 after failing to break through the $65,400 resistance area.
The 30-minute chart of Bitcoin's price movement reveals a five-wave structure within a rising channel, with the latest move approaching what analysts expect to be the completion of wave (1). This setup does not confirm a reversal yet but highlights several nearby resistance and retracement levels that could shape BTC's next short-term move.
Bitcoin was trading near $65,031 on the chart after recovering from its early-August lows and moving steadily higher within an ascending channel. The advance is labeled as a five-wave sequence, with price apparently progressing through wave 5.
The immediate obstacle sits around the upper part of the current structure, with a horizontal resistance area near the mid-$65,000s. Above that, the chart identifies $66,291 as a larger 38.2% Fibonacci resistance level. A sustained break above that area 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.