Bitcoin is showing signs of a short-term pullback after a rejection near the top of a descending channel on the 4-hour chart. According to analyst Ali Charts, the rejection at the channel’s upper boundary could send BTC toward $59,700 as the first downside target, with $56,550 as the next major support if selling pressure intensifies. The levels near $61,250 and $58,000 may act as temporary reaction zones during a decline.
A second analyst, Minga, highlights a crucial liquidity zone between $61,200 and $60,700. He expects a possible sweep into this area before another leg higher. If buyers defend it, BTC could rally toward $65,700–$67,400. However, a breakdown below that grey box would likely push price to $59,500, which Minga calls the “main magnet to the downside.” He stresses that this is the last major support zone for bullish continuation; a strong bounce from either level would keep the recovery scenario alive.
For now, Bitcoin’s ability to hold above $60,700–$61,200 is the key test. A reclaim of the channel top and a move above $63,600 would weaken the bearish setup, while failure to defend support risks a deeper drop toward $59,700 and potentially lower.
