Bitcoin Nears $65K — But Here's Why Some Traders Still Aren't Buying In

The bitcoin wavers after its surge beyond 100,000 dollars. The ongoing correction rekindles tensions in the markets, fueling doubts about the strength of the bullish trend. As the threshold of 65,000 dollars resurfaces in analysts’ projections, the specter of a reversal looms. Between hopes for consolidation and fears of a bearish cycle, uncertainty prevails.

An unfavorable graphic signal: the “bear flag” on bitcoin

The tipping point for bitcoin occurred at the contact of the 87,470 dollar zone. According to trader GDXTrader, this resistance marks the upper bound of a descending channel. The rejection that followed was accompanied by a recognized technical pattern: a dark cloud cover, a well-known bearish reversal signal for analysts.

“This pattern forms when a red candle opens above the previous close but finishes below the midpoint of the previous green candle,” details GDXTrader on the social network X (formerly Twitter) on March 21, 2025. This configuration, visible in daily time frames, has been seen as a sign of weakness among buyers.

Several traders confirm this interpretation and identify support thresholds to monitor:

• CrediBULL Crypto mentions on the X platform on March 20 a “perfect rejection” of bitcoin in the 88,000 dollar zone and warns that a return to 77,000 to 79,000 dollars is now likely.
• In the event of a breach of this zone, he estimates that the next support would be between 65,000 and 74,000 dollars, based on the visible liquidity zones on the charts.
• CryptOpus signals on X on March 21 the formation of a bear flag, a technical structure indicating a continuation of the decline.
• A break of the 84,000 dollar threshold could, according to him, trigger a new corrective wave towards lower levels.

This cluster of technical signals feeds a cautious market reading and reinforces the idea of a sustained slowdown in bullish momentum.

Cautious forecasts despite the market’s apparent resilience

As bitcoin currently stabilizes around 67,000 dollars, several analysts maintain a cautious stance. Trader Nebraskan Gooner published a graphic projection in which he envisions a decline to the 65,000 dollar zone.

He stated: “The level of 65,000 dollars is a potential demand zone where a rebound could occur, but the current configuration remains fragile.”

These forecasts are based on a careful reading of trading volumes, which have tended to decrease since the peak at 109,000 dollars reached on January 20, 2025. Meanwhile, market liquidity data reveal a scarcity of long positions on derivative platforms.

This decline in volumes and the reduction in open interest on futures contracts indicate a gradual disengagement of institutional investors, whose presence had contributed to the bullish momentum in recent months.

Several analysts also emphasize the importance of the 69,000 dollar zone as a psychological turning point. A sustained break below this level could lead to an acceleration of the correction.

However, despite these signals, no widespread panic seems to emerge at this stage, making the bearish scenario all the more insidious.

A return to 60,000 dollars could erode the confidence of retail investors, especially those who entered the market after crossing the 100,000 dollar threshold. In the longer term, this correction phase could also dampen the ambitions of companies that have integrated BTC into their treasury or investment products. However, some see in this consolidation phase a return to a more sustainable trajectory for the market, potentially building a stronger base for future cycles.