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.
However, the chart also maps out a potential corrective path if wave (1) finishes around current levels. The first retracement zone begins at roughly $64,170, followed by $63,795, $63,422 and $62,894. These levels represent increasingly deeper pullback targets and could act as support if BTC turns lower from resistance.
A deeper correction would bring the larger support region into focus. The chart marks $62,534 as the first important level in that zone, followed by $61,593 and $60,665. Those levels appear connected to the analyst’s broader wave (2) scenario rather than an immediate bearish breakdown.
For now, the key signal is whether Bitcoin can decisively clear the nearby resistance zone and $66,291. Failure to do so, followed by a break beneath the rising channel, would provide stronger confirmation that the five-wave advance has ended and a corrective phase is underway. Conversely, holding the channel and breaking resistance would keep the short-term upward structure intact.
Bitcoin Rejects $65,400 as Chart Flags Risk of a Drop Toward $63,300
