Bitcoin’s recent price action confirms a structural breakdown, shifting momentum to the downside. After weeks of compression within a rising channel, Bitcoin faced rejection at trend resistance, leading to a decisive breakdown. The market now appears in a potential distribution phase, with key liquidity levels below.
The $64,000 region is the first major support level, followed by the deeper $62,000 zone. Unless price quickly reclaims the channel above $68,000, any upward movement is likely temporary.
In the 4-hour timeframe, analyst Minga notes that while weekend activity is typically subdued, current bias leans neutral to slightly bullish as price reacts from weekly lows. Holding above the blue order block (OB) is crucial for a potential retest of $67,300. However, the overall structure has flipped bearish, leaving an imbalance expected to be filled soon.
BTC trading at $66,389 on the 1D chart.
