Bitcoin Rejection Puts $59,700 Support Back In Focus

Bitcoin was rejected at the top of its trading channel, putting $59,700 back in focus as the first downside support level if selling pressure extends.

The chart shared by Ali Martinez shows BTC failing near the upper boundary of the channel after its latest recovery attempt. A pullback toward $59,700 would mark a move back into the middle of the structure, while a deeper breakdown would put $56,550 into the next downside area.

BTC has been trading around the low-$60,000 range after repeated attempts to rebuild momentum. A breakout above the channel would have shifted focus back to upside continuation, but the failed move leaves the market exposed to another support test before buyers can attempt a stronger reversal.

U.S. Spot Demand Remains Weak

The technical rejection comes while U.S.-linked spot demand remains soft. The Coinbase Bitcoin Premium Index hit a record 50-day negative streak, with BTC trading cheaper on Coinbase than on Binance for the longest run since the indicator launched.

Coinbase premium weakness often points to softer U.S. spot participation, offshore-led demand or short-term pressure on Coinbase order books. The streak has continued through Bitcoin’s rebound attempt, leaving the recovery without a clear U.S. exchange premium behind it.

ETF flows have added pressure to the same backdrop. U.S. spot Bitcoin ETFs posted a record $6.35 billion 30-day net outflow during the broader range, showing weaker regulated fund demand while BTC traded near the low-$60,000 zone.

$56,550 Marks The Deeper Downside Level

Bitcoin’s first support test sits near $59,700. A hold above that area would keep BTC inside the current channel and leave room for another attempt at the upper boundary.

A break below $59,700 would shift attention to $56,550, the next downside target from the same channel structure. That level would represent a deeper reset after the failed breakout attempt and would put BTC closer to the lower end of its recent range.

The chart keeps the short-term trade focused on three levels: channel resistance above current price, $59,700 as first support and $56,550 as the next downside target if the pullback accelerates.

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