Bitcoin Rejected at $63,600 as Analyst Eyes Potential Pullback Toward $56,550

Bitcoin may face additional downside pressure after failing to break above a key resistance area, according to crypto analyst Ali Martinez.

In a post on X, Martinez said Bitcoin is currently trading within a descending channel on the 4-hour chart and was rejected near the upper boundary of that channel at around $63,600.

Following the rejection, Martinez identified a potential pullback toward $59,700, while noting that a further move lower could bring the $56,550 level into focus as the next downside target.

Source: Ali Charts