BTC BTCUSDT.P is currently trading around 64500, sitting at a key decision point after rejecting the upper boundary of a rising channel. Price remains above the major support, but short-term momentum has weakened following the latest bearish candle.

Bullish Scenario
A successful defense of the 64200-64400 area could trigger another push toward the channel resistance. The first major hurdle is 65,450, which aligns with previous resistance. A confirmed breakout above this level would likely open the path toward the 66500-67200 supply zone, where sellers are expected to become active again.

Bearish Scenario
Failure to hold the current support could result in a deeper pullback toward the highlighted demand zone around 63300-63800. This area has previously attracted buyers and may serve as the next accumulation region. Losing that zone would increase the probability of a retest of the major support near 62440.

Key Levels
Resistance: 65450
Major Supply: 66500-67200
Immediate Support: 64200-64400
Demand Zone: 63300-63800
Major Support: 62440

Trading Outlook
The market structure remains cautiously bullish while price stays above the ascending trendline, but the recent rejection suggests buyers need to reclaim 65,450 to regain momentum. Until then, expect increased volatility and watch for confirmation before entering new positions. Risk management remains essential around these key levels.