Bitcoin Price Prediction: BTC Risks Drop to $63,300 After $65,400 Rejection

Bitcoin is showing signs of short-term exhaustion after a five-wave advance and a rejection near the $65,400 resistance area. Technical charts now point to growing pullback risk, with $63,300 emerging as the first major downside level while a break above $66,291 would weaken the bearish setup.

Bitcoin Nears a Possible Short-Term Wave Top as Resistance Builds

Bitcoin’s 30-minute chart shows price advancing through a five-wave structure inside a rising channel, with the latest move approaching an area where the analyst expects wave (1) could soon complete. The setup does not confirm a reversal yet, but it highlights several nearby resistance and retracement levels that could shape BTC’s next short-term move.

Bitcoin BTCUSD 30-Minute Elliott Wave. Source: More Crypto Online (@Morecryptoonl) on X

Bitcoin was trading near $65,031 on the chart after recovering from the early-August lows and moving steadily higher within an ascending channel. The advance is labeled as a five-wave sequence, with price apparently progressing through wave 5. That structure supports More Crypto Online’s view that a short-term wave (1) top may be close.

The immediate obstacle sits around the upper part of the current structure, with a horizontal resistance area near the mid-$65,000s. Above that, the chart identifies $66,291 as a larger 38.2% Fibonacci resistance level. A sustained break above that area would weaken the case for an immediate wave top and could allow Bitcoin to extend the advance toward the next major retracement level at approximately $69,166.