Bitcoin Bearish Setup: 65K Support Under PressureBitcoin / U.S. dollarBITSTAMP:BTCUSDTrade_ActionPrimary Trend The market has been in an uptrend, supported by the rising white trendline connecting higher lows. Price recently broke below this trendline and is now attempting a retest from underneath. A successful retest rejection would turn the former support into resistance. 2. Current Structure Price is trading around 65.7k. There is a clear resistance/supply zone around 66.7k–67.2k (upper gray box). There is a nearby support/demand zone around 65.0k–65.2k (lower gray box). The chart suggests a lower-high formation after the recent decline, indicating weakening bullish momentum. 3. Moving Averages The short-term moving averages have compressed and started to roll over. Price is struggling to reclaim them decisively. This usually signals consolidation before the next directional move. 4. Bearish Scenario (Chart Author's Bias) The drawn path indicates: Retest of the broken trendline near 65.8k–66.0k. Rejection from trendline resistance. Drop back into the 65.1k support zone. Support eventually fails. Move toward the dotted support area around 63.8k–64.0k. This scenario becomes more likely if: Price fails to close above the trendline. Lower highs continue forming. Volume increases on selloffs. 5. Bullish Invalidation The bearish setup weakens if BTC: Reclaims the trendline decisively. Breaks above 66.0k–66.2k. Pushes into the upper supply zone (66.7k–67.2k) and holds. A breakout above that gray resistance zone would restore bullish market structure. Key Levels Level Importance 67.2k Major resistance 66.7k–67.2k Supply zone 65.8k–66.0k Trendline retest area 65.0k–65.2k Critical support 63.8k–64.0k Downside target if support breaks