FX.co ★ Konnect2fx | #Bitcoin chart analysis

Bitcoin (BTC/USD) 4H Technical Analysis Bitcoin is currently trading around the 64,200 area on the 4-hour chart and remains inside a corrective structure after the strong bullish impulse that created the Quasimodo (QM) pattern near 66,100–66,700. The chart shows a clearly marked Buy Side Liquidity (BSL) zone above the recent highs, where liquidity was taken before sellers entered the market aggressively. Price reacted strongly from that area and formed a bearish market structure shift (MSS), indicating that short-term momentum has turned in favor of sellers. I can see that the recent recovery from the 62,100 support area is approaching a key Fibonacci retracement zone between 0.50 and 0.786. This region is acting as a premium area where sellers may look for new positions. The descending trendline from the recent high is also limiting bullish momentum, suggesting that buyers are still struggling to regain full control. As long as Bitcoin remains below the 66,100–66,700 resistance zone, the broader short-term outlook remains cautious. The current bounce appears corrective rather than impulsive, which means the market could be preparing for another bearish leg if resistance holds.

From a risk-reward perspective, the highlighted sell setup aligns with smart money concepts and market structure analysis. The resistance area around 65,300–66,700 contains multiple confluences including Fibonacci retracement levels, previous liquidity, and the QM resistance zone. I believe this area will be closely watched by institutional traders because it offers an attractive location for potential distribution. If price fails to break and close above the BSL region, sellers may attempt to push Bitcoin back toward 62,100 support initially. A decisive break below that level could expose deeper downside targets around 60,000 and potentially the marked 59,100 area shown on the chart. On the other hand, traders should remain flexible because a strong bullish candle closing above 66,700 would invalidate much of the current bearish structure and signal renewed buying pressure. I would personally monitor price action carefully near the Fibonacci zone because the reaction there will likely determine the next major move. For now, the chart favors a bearish bias while below resistance, with the probability of another decline remaining higher than a sustained breakout to new highs.