There’s a lot that’s not going bitcoin’s way at the moment, but we will delve into that in a moment. For this intro, we will just suggest that BTC might actually be performing better than expected, at least for now.
However, the latest rejection at $64,000 could spell more trouble ahead, and here are the new bearish targets set by Ali Martinez and Ted Pillows.
No Bottom Yet
Just think about it – the war was essentially just restarted today as Iran and the US launched new strikes against each other, Strategy sold more than 3,500 BTC, recent reports suggested a major miner capitulation, AI continues to extract capital out of crypto markets, the BTC ETFs bled over $8 billion in two months, the Fed doesn’t seem inclined to lower the rates soon, and yet, the cryptocurrency still trades above $60,000.
While bitcoin has managed to withstand all this macro pressure, to an extent, of course, now comes a technical blow. At first, it was popular analyst Ted Pillows who argued that BTC’s bottom has not arrived yet. Basing his theory on historical performance, he drew a chart indicating that the asset might slump below $50,000, or even $45,000, before reaching that level.
Ali Martinez weighed in on bitcoin’s rejection at $64,000. He believes getting stopped at the top of this channel could trigger a more profound pullback in the short term to under $60,000 or even to a new multi-year low of $56,550.
Bitcoin $BTC is getting rejected at the top of its channel.
This could trigger a pullback toward $59,700, with $56,550 as the next downside target. pic.twitter.com/GvI9fMFQbD
— Ali Charts (@alicharts) July 8, 2026
The Positive Side
Another analyst on X, CW, spoke about the Kimchi Premium – the price of BTC on Korean exchanges compared to the rest of the world. The metric demonstrates the current demand in the Asian country. It had fallen to -2% for a long time, setting the record for the longest negative period in the last 5 years.
However, it has eased to -0.835%, according to CW’s data, which means that demand for BTC in Korea is returning. This is considered one of the key metrics that could suggest a trend reversal, especially if it flips to positive soon.
The $BTC Kimchi Premium Strategy indicator is showing a positive trend.
The Kimchi Premium has also decreased from -2% to -0.835%.
The longest period of negative Kimchi Premium in the last 5 years is being maintained. However, the end of the bearish trend is approaching. pic.twitter.com/Bivsx4wRqS
— CW (@CW8900) July 8, 2026
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