Rejection at Resistance Hints at Further Downside

Bitcoin is showing signs of weakness after rejecting a key intraday resistance zone on the 1-hour timeframe. Price failed to sustain above the Ichimoku cloud and sellers quickly regained control, suggesting the recent recovery may only have been a corrective bounce within a broader bearish structure.

The highlighted 59,700–59,950 resistance area remains the first obstacle for bulls. As long as BTC stays below this zone, bearish momentum is likely to remain intact. A stronger supply zone is located around 60,500–60,900, where previous swing highs and heavy selling pressure make it a major resistance level.

The current price action indicates a possible continuation lower after the rejection. If sellers maintain control, Bitcoin could first decline toward Target 1 at 58,895, which aligns with recent support. A confirmed break below this level may accelerate the sell-off toward Target 2 at 58,325, where buyers could attempt another defense.

A bullish scenario would require price to reclaim and hold above the first resistance zone. Until then, rallies into resistance may continue to attract sellers.

Key Levels
Resistance: 59,700–59,950
Major Resistance: 60,500–60,900
Target 1: 58,895
Target 2: 58,325

Conclusion:
The overall short-term bias remains bearish while BTC trades below resistance. Traders should watch for bearish confirmation around the highlighted supply zones, with downside targets remaining in focus unless buyers reclaim the resistance levels.