Bitcoin Treading Water Near $65K as Downside Risks Mount
Bitcoin's price has been consolidating near $64,100 after bouncing from last week's low around $62,800. The recovery has yet to break the short-term bearish structure, leaving traders focused on liquidity above recent highs and support below the current range.
The first resistance area sits near $64,800-$65,100, where several recent highs have formed. A brief move above those levels followed by a rejection could create the liquidity sweep described by Snyder, meaning Bitcoin would trigger orders above the highs before reversing lower.
Until then, the lower support levels remain exposed. The first downside target sits near $62,500-$62,800, close to the recent swing low. A clear breakdown could send BTC toward $60,000-$60,500, where the chart identifies a wider demand zone.