Bitcoin price attempted to recover from its sharp drop to $59,106, climbing above $62,000 and at one point challenging the $64,000 resistance zone. However, the rebound lost steam near that level, reviving fears that the move could be a bull trap. Traders now fixate on two key levels: a breakout above $64,000 to confirm further upside, or a breakdown below $61,000 that would shift focus back to lower support.
On the hourly chart, BTC is trading above $62,500 and the 100 hourly simple moving average, supported by a bullish trend line with support near $62,500. Immediate resistance sits at $63,500, with the first major hurdle at $64,000. A decisive close above $64,000 could propel Bitcoin toward $65,500 and even $66,500, which aligns with the 50% Fibonacci retracement of the $74,100-to-$59,106 decline. The next barrier for buyers would be $68,000.
Technical indicators paint a cautious picture. The hourly MACD is losing momentum in the bullish zone, while the RSI has slipped below 50. If Bitcoin fails to overcome $64,000, immediate support lies at $62,500, followed by $62,200 and $61,500. A deeper sell-off could drive prices to $61,000, with the major support at $60,000—a break below which would put the recovery in serious doubt.
Adding to the narrative, a potential inverse head-and-shoulders pattern is taking shape on the 4-hour chart, as noted by analyst SuperBro. The left shoulder formed near $62,500, the head around the Q1 low of $60,000, and a possible right shoulder above $62,000. The neckline sits at $64,300, and a confirmed 4-hour close above it would complete the reversal pattern, activating a conservative target of $67,000. Until then, the setup remains merely a possibility, not a confirmed signal. The same chart also shows a descending trendline that has been capping price action; reclaiming that would further improve the short-term structure.
Meanwhile, trader Kaz highlights the $61,000 zone as a critical demand area. A strong bounce from there could send Bitcoin back toward the recent high of $64,200 and extend gains to $65,000–$66,000. However, if that zone fails, a liquidity sweep toward $58,000 becomes the likely scenario. For now, the market waits for a resolution: a break above $64,300 would set sights on $67,000, while losing $61,000 would put the bears firmly in control.
