BTC Traders Eye $65K but Another Drop Could Come First

Bitcoin is trading near $63,116 on the four-hour chart, below the key resistance area of $63,400. Michaël van de Poppe sees potential for a rebound after a liquidity sweep, but Matthew Dixon's Elliott Wave analysis suggests another move lower could come first.

Van de Poppe identifies two possible downside paths, both dependent on buyers defending support and pushing BTC back toward $65,000. The chart shows that Bitcoin's recent attempt to move higher has not provided enough confirmation of a breakout, with price remaining below the nearby moving averages.

The first important downside level is around $62,200-$62,275, which van de Poppe argues could be briefly moved through before reversing. If buyers quickly reclaim this area after such a sweep, it would strengthen the case for renewed upside momentum toward $65,000.