Bitcoin is hovering near $63,000 as traders focus on whether $BTC can reclaim the crucial $63,400 resistance area or first sweep lower support before attempting another move toward $65,000. While Michaël van de Poppe sees potential for a rebound after a liquidity sweep, Matthew Dixon’s Elliott Wave analysis suggests a recovery could still precede one final leg lower to complete the broader correction.
Bitcoin Must Reclaim $63,400 as Traders Watch for a Liquidity Sweep
Bitcoin is trading below a key short-term resistance area near $63,400, leaving the market vulnerable to another move into lower support before a stronger recovery attempt. Michaël van de Poppe’s four-hour chart presents two possible downside paths, but both scenarios ultimately depend on buyers defending support and pushing $BTC back toward $65,000.
Bitcoin $BTC USDT 4-Hour Chart. Source: Michaël van de Poppe (@CryptoMichNL)
Bitcoin was near $63,116 on the four-hour chart, just below the marked $63,368 resistance level. Van de Poppe identifies the roughly $63,400 area as the level $BTC needs to break before the short-term structure becomes more constructive.
The chart suggests that Bitcoin’s recent attempt to move higher has not provided enough confirmation of a breakout. Price remains below the nearby moving averages, while the broader short-term structure still shows pressure from the decline that followed the early-August highs. That keeps the risk of another sweep of lower liquidity in play.
The first important downside level sits around $62,200-$62,275. Van de Poppe argues that Bitcoin could briefly move below this area to take out recent lows before reversing. If buyers quickly reclaim the level after such a sweep, the move would strengthen the case for renewed upside momentum toward $65,000.
Below that zone, the chart marks additional support around $61,825, $61,545 and $61,318. These levels form a broader demand region where buyers could attempt to stabilize price if the initial $62,200 area fails.
A deeper decline would bring the $60,500-$60,000 region into focus. Van de Poppe describes this as the more conservative area to watch if Bitcoin cannot recover $63,400 and weakness persists. Holding that lower support could still preserve a recovery scenario toward $65,000, although it would confirm that $BTC needed a larger correction before buyers regained control.
On the upside, a sustained break above $63,400 would be the first meaningful confirmation that momentum is improving. The next major resistance shown on the chart stands near $64,515, followed by the broader $65,000 target area.
For now, the chart favors patience rather than assuming the rebound has already started. A sweep near $62,200 followed by a quick recovery would support the bullish scenario, while continued weakness below that area would shift attention toward $60,500 as the next major test.
Elliott Wave Scenario Points to One More Bitcoin Decline Before the Correction Ends
Matthew Dixon’s daily Bitcoin chart takes a broader and more bearish view of the current structure. Rather than treating the next decline as the start of a lasting bear market, Dixon argues that another move lower could complete a larger W-X-Y correction that has developed from Bitcoin’s previous all-time high.
Bitcoin BTCUSD Daily Elliott Wave. Source: Matthew Dixon (@mdtrade)
Bitcoin was trading near $62,937 on the daily chart, almost directly around the 0.236 Fibonacci retracement at $63,036. That places $BTC near the lower end of the recovery range and leaves the market without a confirmed bullish breakout.
Dixon’s scenario first requires a B-wave recovery to develop. The projected path on the chart points toward the $69,977 area, which corresponds with the 1.0 Fibonacci level and sits close to the psychological $70,000 mark. Before $BTC could reach that area, however, buyers would need to work through several resistance levels at approximately $65,435, $66,507 and $68,033.
Those levels provide useful confirmation points. A sustained move through the mid-$60,000s would strengthen the argument that the proposed B-wave is developing, while failure to recover those levels would keep the rebound vulnerable.
Momentum also remains subdued. The chart’s 14-day RSI stands near 42.6, below the neutral 50 level, suggesting that buyers have not yet established strong upside momentum. The indicator is not deeply oversold, leaving room for price to move in either direction before reaching an extreme momentum reading.
On the downside, the most immediate level shown on the chart is around $60,892. A decisive break below that support would fit Dixon’s broader bearish structure and could signal that the final leg of the correction is beginning.
The projected red path extends toward roughly the mid-$40,000s, but that should be treated as a scenario rather than a confirmed Bitcoin price target. Dixon’s key argument is structural: if $BTC first completes a B-wave recovery and then produces a final impulsive decline, that move could finish the larger W-X-Y correction.
That distinction matters for the longer-term outlook. Under this interpretation, a major new low would not necessarily signal the beginning of a prolonged bearish cycle. Instead, traders would watch the eventual bottom for evidence that the broader correction has ended and that Bitcoin is establishing the foundation for a new longer-term recovery.
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