Bitcoin Rejected 0.618 – Technical Risks and Potential Downside Bitcoin / US DollarCOINBASE:BTCUSDkhalid1988Bitcoin recently rejected the 0.618 Fibonacci retracement after a strong bearish impulse, indicating that the broader market structure remains under selling pressure. Price is moving within a rising channel, which often represents a corrective structure during a downtrend rather than a true bullish reversal. A rejection from the upper boundary near 72,000 combined with a breakdown below the 63,000 support level could confirm the start of a new bearish leg. From a technical perspective, the 1.618 Fibonacci extension projects a potential downside target near 38,000, aligning with a deeper market correction scenario. Geopolitical tensions between **Iran** and **United States** may increase market volatility and accelerate downside momentum in crypto assets. As long as price remains inside this rising channel, the structure may continue to behave as a corrective move within the broader downtrend. What is your view on Bitcoin ? Do you expect a breakdown below 63K, or a bullish reversal above 72K ? Share your opinion below 👇