Bitcoin briefly slipped below $64,000 on Monday before steadying on top of the bear market trendline, a move that trimmed about 2.5% from the recent local top. The pullback, roughly $1,650, comes as traders watch whether the largest cryptocurrency can clear a major horizontal resistance level before the week is out.
Price action and the trendline
The dip below $64K didn't last long. Price found footing on the bear market trendline, which has been holding as support since the weekly breakout. The 4-hour and 8-hour Stochastic RSI lines have bottomed out and are now bouncing back, a sign that the short-term selling pressure may be easing.
On the daily chart, the inverse head-and-shoulders pattern remains intact. That's the setup bulls have been leaning on for weeks. But it's not finished. The pattern still needs price to come up to the neckline and form the right shoulder before it can be considered complete.
What stands in the way
The path higher isn't clean. Bitcoin needs to get back above the descending channel top, and then it has to deal with resistance at $65,600. That level has been a wall for the past several sessions. If price can break above it with confirmation, the recovery could pick up steam and potentially kick off the next bull market leg.
Daily Stochastic RSI indicators have turned down, and the RSI line hasn't been able to get back into the rising wedge, though it's still climbing. That mixed momentum suggests the market is in a holding pattern, waiting for a decisive move.
Weekly chart and the bigger picture
The weekly chart shows the first breakout of the bear market trendline, which is a meaningful shift in structure. The next important resistance sits at $65,600. If that level flips to support, it should open the range high to at least $73,400. Beyond that, the last high at $83,000 becomes a target. If price gets there and holds above it, that would probably spell the end of the bear market — though officially, that only happens once the $97,000 high is overcome.
For now, the question is simpler: can BTC get above that major horizontal resistance by the end of the week? The indicators are mixed, the pattern is still forming, and the trendline is holding. It's a coin flip, and the next few sessions will tell.
