Bitcoin’s failed retest of a key resistance level has traders watching the $63K demand zone, with bears in control and a deeper flush possible below that floor.
Bitcoin’s attempted breakout has run into serious trouble. The coin broke above a critical resistance level, tried to retest it from above, and got rejected. That sequence has traders shifting their stance.
Crypto analyst DamiDefi, on X, put it plainly. BTC broke above what he calls the yellow line, then came back to retest it. The retest failed. Price is now trading under that level again on closes, and he says that changes everything.
“That’s not breakout confirmed behavior,” DamiDefi wrote. “That’s a classic breakout attempt, retest, rejection, which usually means we slip back into the range.”
Rallies Are Just Noise Until Proven Otherwise
His view from here is simple. Bearish until the market proves different. Any rally while BTC stays under that line on daily closes is just a relief bounce, he says. The real target the chart is pointing at is the $63K base, or what he describes as the gray demand zone.
That $63K area is now the key magnet. Not the upside. The downside.
DamiDefi also laid out what happens if that level breaks down on real closes. The chart then starts pointing toward a deeper flush, he said, without putting a hard number on the next support. The thesis is intact. The invalidation is a confirmed reclaim of the yellow line with closes above it.
This kind of analysis from DamiDefi is not new. His previous call on the BTC $69K to $72K support range proved accurate as price broke down through that zone in February.
Coinbase Still Selling, No Spot Inflow in Sight
Trader JunarXBT, also on X, painted a similar picture but added institutional context. His read on the coming weeks is choppy, sideways price action with downside tests still ahead.
He flagged that BTC lost the 72.5K level on the higher timeframe. That’s a sign of weakness for bulls. A reclaim of that level would open the path toward 79K plus, he said. But the conditions for that aren’t there yet.
Coinbase is still selling every bounce. No spot inflow from institutions. That’s the problem. Without real buying from the spot side, bounces don’t stick.
JunarXBT said a weekly close below 68K is a clear warning. Lights out, in his words, with the next test being $60K or below. His suggested accumulation range sits between $60K and $55K, a zone he sees as worth building a position in slowly.
For now, he is scalp only. No swing positions.
What a $63K Break Actually Means
The lack of institutional spot demand has been a recurring theme in recent weeks. Without that floor from buyers, technical levels get tested harder and fail faster.
If $63K holds with conviction, that gray demand zone could form a base for recovery. Both analysts agree on that part. DamiDefi has a clear invalidation level on the upside. JunarXBT has a clear accumulation window on the downside.
Neither is calling for a bull case right now. The chart says otherwise.
The $60K region below is where things get serious. JunarXBT pointed to that level as the next stop if weekly closes don’t hold. Below $60K, price discovery opens up in a way the market hasn’t seen for months.
Until BTC reclaims that yellow line with closes, the structure remains bearish.
This article is based on technical analysis by independent market contributors and X sources. It does not constitute financial or investment advice.
Source: https://www.livebitcoinnews.com/bitcoin-eyes-63k-as-failed-retest-signals-deeper-drop/
