Test

Bitcoin

Bitcoin fell below $63,000 after another rejection from the upper boundary of its short-term trading channel, shifting the immediate focus toward support near $61,700.
BTC traded near <a href="https://www.binance.com/en/price/bitcoin" rel="noopener noreferrer nofollow">$62,880</a>, down about 1.4% over 24 hours, after moving between $62,580 and $64,273. The pullback erased an early-session attempt to hold above $64,000 and returned price below the midpoint of the latest range.
The rejection extends a pattern that has repeatedly capped Bitcoin between $64,000 and $65,000. Buyers briefly pushed BTC through $63,000 earlier in July, reversing part of the late-June decline, but the recovery has yet to establish a daily close above the channel’s upper rail.
Bitcoin’s previous test of the same structure <a href="https://cryptoadventure.com/bitcoin-rejection-puts-59700-support-back-in-focus/" rel="noopener noreferrer nofollow">put $59,700 support back in focus</a> after analyst Ali Martinez flagged a possible retreat from the channel top. The updated range has since moved higher, placing its lower boundary near $61,700.
<h2 id="61-700-becomes-the-next-downside-test">$61,700 Becomes The Next Downside Test</h2>
The $61,700 level sits roughly 2% below the latest price and near an area that buyers defended during last week’s volatility.
Bitcoin briefly traded below $61,700 before reclaiming $63,000 on July 9. The recovery kept the channel intact, but the latest loss of its midpoint leaves the lower rail exposed again.
A clean break below $61,700 would bring $60,000 into view, followed by the $59,700 support identified during the earlier channel rejection. The next lower level from that structure sits near $56,550.
Longer-term support is also converging around the same region. <a href="https://cryptoadventure.com/fidelity-sees-bitcoin-nearing-key-long-term-floor/" rel="noopener noreferrer nofollow">Fidelity recently placed Bitcoin near its power law floor</a>, with the model’s lower boundary approaching the low-$60,000 range.
<h2 id="btc-needs-to-reclaim-63-000">BTC Needs To Reclaim $63,000</h2>
Bitcoin would need to recover $63,000 to regain the channel midpoint and reduce immediate pressure on the lower boundary.
A sustained move above that level would reopen resistance between $64,000 and $64,300, where the latest rebound stalled. The channel top remains near $65,000, a level Bitcoin has repeatedly failed to hold during its July recovery.
BTC reached an intraday low of $62,580, leaving about $880 between the latest trough and the $61,700 lower rail.
The post <a href="https://cryptoadventure.com/bitcoin-loses-63000-as-channel-rejection-puts-61700-support-in-focus/" rel="noopener noreferrer nofollow">Bitcoin Loses $63,000 As Channel Rejection Puts $61,700 Support In Focus</a> appeared first on <a href="https://cryptoadventure.com" rel="noopener noreferrer nofollow">Crypto Adventure</a>.

Bitcoin Loses $63,000 As Channel Rejection Puts $61,700 Support In Focus

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