Bitcoin is showing signs of short-term exhaustion after a five-wave advance and a rejection near the $65,400 resistance area. Technical charts now point to growing pullback risk, with $63,300 emerging as the first major downside level while a break above $66,291 would weaken the bearish setup.
Bitcoin Nears a Possible Short-Term Wave Top as Resistance Builds
Bitcoin’s 30-minute chart shows price advancing through a five-wave structure inside a rising channel, with the latest move approaching an area where the analyst expects wave (1) could soon complete. The setup does not confirm a reversal yet, but it highlights several nearby resistance and retracement levels that could shape BTC’s next short-term move.
Bitcoin BTCUSD 30-Minute Elliott Wave. Source: More Crypto Online (@Morecryptoonl) on X
Bitcoin was trading near $65,031 on the chart after recovering from the 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. That structure supports More Crypto Online’s view that a short-term wave (1) top may be close.
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.
However, the chart also maps out a potential corrective path if wave (1) finishes around current levels. The first retracement zone begins at roughly $64,170, followed by $63,795, $63,422 and $62,894. These levels represent increasingly deeper pullback targets and could act as support if BTC turns lower from resistance.
A deeper correction would bring the larger support region into focus. The chart marks $62,534 as the first important level in that zone, followed by $61,593 and $60,665. Those levels appear connected to the analyst’s broader wave (2) scenario rather than an immediate bearish breakdown.
For now, the key signal is whether Bitcoin can decisively clear the nearby resistance zone and $66,291. Failure to do so, followed by a break beneath the rising channel, would provide stronger confirmation that the five-wave advance has ended and a corrective phase is underway. Conversely, holding the channel and breaking resistance would keep the short-term upward structure intact.
Bitcoin Rejects $65,400 as Chart Flags Risk of a Drop Toward $63,300
Bitcoin has rejected the $65,400 area after briefly pushing above nearby highs, creating the type of liquidity sweep that Kaz had been watching for. The chart presents that rejection as a possible short-term bearish setup, with $63,300 marked as the main downside area to watch if sellers gain control.
Bitcoin BTCUSD $65,400 Liquidity Sweep. Source: Kaz (@XBTkaz) on X
The chart shows Bitcoin briefly moving above the $65,400 region before pulling back, an action Kaz interprets as a stop-loss sweep that also trapped traders who entered on the breakout. In market terms, a liquidity sweep occurs when price pushes through an obvious high, triggers orders clustered above it and then quickly falls back below the breakout area.
That rejection is the central bearish signal in this setup. Bitcoin failed to maintain the move above resistance and slipped back toward the $65,000 area, suggesting buyers did not immediately establish control above the prior high.
Kaz’s projected path points to a much deeper retracement if the rejection develops into sustained selling. The chart highlights $63,300 as the first major downside destination, with a broader shaded demand area extending from roughly $62,800 to $63,300. The analyst labels that region as an area to watch for potential short-term long setups if Bitcoin reaches it.
The structure also illustrates the contrast between Bitcoin’s gradual climb and the risk of a faster decline. The chart describes the advance as a “staircase” move higher but maps a sharper move lower after the liquidity sweep. That projected decline remains a scenario rather than confirmation.
For bears, further weakness away from $65,400 would strengthen the rejection case and put the $63,300 region increasingly in focus. A break into the highlighted demand zone could then test whether buyers are prepared to defend the broader recovery.
The bearish idea would lose strength if Bitcoin reclaims $65,400 and holds above it, because that would suggest the sweep did not establish a lasting top. Until then, the failed breakout leaves the chart tilted toward a corrective move, with $63,300 serving as the key downside level.
