Bitcoin is pushing into a major resistance zone, but analysts warn the move may be a relief rally rather than a real bottom. If $BTC fails near $62,000-$64,000, the rebound could turn into a bull trap before another slide toward the low $50,000s.
Bitcoin Faces Pullback Risk as $64K Stays Key Resistance
Bitcoin may be nearing a short-term pullback after pushing into a cluster of resistance levels on the 4-hour chart. One analyst said the market still looks range-bound overall, with a few strong days and a few weak ones, and sees the $64,000 area as the main level to watch.
$BTC/USD 4-hour chart. Source: Altcoin Sherpa on X, TradingView.
The chart shows $BTC trading below several overhead levels, with resistance marked near $61,866, $62,877 and $64,755. The 200 EMA on the 4-hour chart sits near $64,167, adding more weight to the broader $64,000 zone.
According to Altcoin Sherpa, Bitcoin could see a pullback from one of these resistance levels, though the exact rejection point is still unclear. The analyst said the bigger area of interest remains around $64,000 because of the 200 EMA and the nearby resistance cluster.
The shorter-term moving averages are turning up, which shows some improvement in momentum. Even so, $BTC is still trading under the heavier higher-timeframe resistance levels, which keeps the market in a choppy structure rather than a clear breakout.
For now, the chart suggests Bitcoin may continue moving sideways inside a volatile range. A clean move above the nearby resistance stack would improve the setup, while rejection from one of these levels would support the pullback scenario.
Bitcoin Relief Rally May Turn Into Bull Trap Before Drop to Low $50Ks
Bitcoin may be in the middle of a relief rally, but one analyst says the move could still be setting up a larger bull trap before another leg lower begins.
$BTC chart. Source: Kaz on X, TradingView.
The chart shows $BTC rebounding after sweeping liquidity near the $58,000 area, a level the analyst had previously marked as an important downside target. Price is now moving into higher resistance zones, with the first target area marked around the low $62,000 range and an extended retest zone closer to the mid-$63,000 to $64,000 area.
According to Kaz, this push higher does not confirm that a bottom is in. Instead, he sees the move as a relief rally after a weak monthly close, with the potential to trap traders if Bitcoin starts rejecting from the current resistance zones.
The chart outlines two possible rejection areas. The first sits in the “HVN + First Target” zone, while the second is an “Extended Retest” area higher up. If $BTC fails in either region, the analyst expects price to reverse and head toward the low $50,000s.
Kaz said such a move could become one of the bigger bull traps of the cycle because many traders may start calling for a bottom during the rebound. In his view, a drop from current levels would help clear overleveraged positions before a more meaningful recovery can begin.
The broader outlook remains volatile. Kaz expects July to stay choppy and notes the month could still close green even if $BTC first drops lower, since the monthly open is near the current broader range. He added that August could turn more bearish and potentially mark the bottom of the bear market.
For now, the key issue is whether Bitcoin can hold its relief rally or start rejecting resistance. If sellers take control in the marked zones, the chart suggests the move higher may end up being a trap before a deeper drop.
