Bitcoin is back testing a key demand area near $61,800 after losing steam at the top of an ascending recovery channel and breaking lower. The move puts the spotlight on a major resistance level at $64,100 that will likely decide the next leg — a sharp rejection keeps sellers in control, while a reclaim opens the door for a stronger bullish push.
The $64,100 wall
That $64,100 level isn't arbitrary. It comes from a 1:1 correction projection combined with the 38.2% Fibonacci retracement on the 4-hour chart. That confluence makes it a high-conviction reaction point. If price gets there again and bounces hard, it's a sign the local structure is still bearish. If it breaks through and holds above, the technical picture shifts. The market is waiting for that test.
Retesting the buyer zone
The path here has been choppy. Bitcoin first broke below a prior consolidation area, found a local bottom, then formed an ascending recovery channel. That channel carried price higher for a while, but momentum faded near the upper boundary. That led to a fresh breakdown, and now the asset is back at the $61,800 zone — a level analysts had flagged as a major buyer cluster. Whether that zone holds or cracks will set the tone for the rest of the week.
A level that decides
Nothing is settled yet. The $64,100 resistance is the next big hurdle if buyers can defend the $61,800 area and push higher. A rejection there would confirm that sellers are still running the show. A breakout would force a reassessment. So right now it's a waiting game: watch whether price can reclaim the $64,100 level or gets turned away. The next few sessions should give an answer.
