Bitcoin Stuck in Neutral as Traders Wait for Break Above $63,400

Bitcoin's price is hovering near $63,000 as traders wait for the cryptocurrency to break above the crucial $63,400 resistance area. According to Michaël van de Poppe, a rebound could be on the horizon after a liquidity sweep, but Matthew Dixon's Elliott Wave analysis suggests that another decline could come first before the broader correction ends.

Van de Poppe's four-hour chart shows two possible downside paths, both of which depend on buyers defending support and pushing Bitcoin back toward $65,000. The current price is below the nearby moving averages, and the short-term structure still shows pressure from the decline that followed the early-August highs.

The first important downside level sits around $62,200-$62,275, and Van de Poppe argues that Bitcoin could briefly move below this area to take out recent lows before reversing. If buyers quickly reclaim the level after such a sweep, it would strengthen the case for renewed upside momentum toward $65,000.

Dixon's daily chart takes a broader and more bearish view of the current structure, suggesting that another move lower could complete a larger W-X-Y correction that has developed from Bitcoin's previous all-time high. The projected red path extends toward roughly the mid-$40,000s, but Dixon argues that this should be treated as a scenario rather than a confirmed price target.