Bitcoin (BTC) is on the verge of a significant price move as it approaches the crucial resistance level at $64,515. The cryptocurrency asset has been on an upward trend, gaining momentum and investor confidence.
Breaking this key resistance could act as a catalyst for a major rally, potentially pushing BTC to new highs. Traders and market analysts are watching this level closely as a successful breakout could signal a strong bullish phase and attract increased trading activity, pushing the price higher.
This article aims to provide an in-depth analysis of Bitcoin’s current price movement as it approaches the significant resistance level at $64,515. It seeks to explore the potential market implications of breaking this key threshold, including the likelihood of a substantial rally.
Additionally, it examines technical indicators, market sentiment, and historical data to provide readers with a comprehensive understanding of what this resistance level means for Bitcoin’s long- and short-term price trajectory.
With a market cap of over $1.2 trillion and a trading volume of over $21 billion at the time of writing, Bitcoin’s price is currently down 3.26%, trading around $63,300 over the past 24 hours. BTC’s market cap and trading volume are currently up 3.03% and 77.17% respectively.
Current Market Overview of Bitcoin’s Uptrend
Currently, the price of BTC on the 4-hour chart is at one optimistic rise and attempt to cross above the 100-day Simple Moving Average (SMA) with strong bullish momentum. It can also be noted that the crypto asset has broken above the four-hour bearish trendline.
The formation of the 4-hour Composite Trend Oscillator also indicates bullishness for Bitcoin as both the signal line and the indicator’s SMA attempt to break above the zero line.
On the 1-day chart, Bitcoin’s price is experiencing a strong momentum increase towards the resistance at $64,515 and the 1-day SMA. Specifically, this price increase started two days ago after a rejection at the $60,152 support level.
Finally, it can be observed that the signal line of the 1-day Composite Trend Oscillator is trying to cross above the SMA. This formation therefore indicates more bullishness for the price of Bitcoin.
Breaking through or facing rejection
Examining possible market scenarios if Bitcoin breaks through or is rejected at $64,515 shows that iIf Bitcoin price breaks above the USD 64,515 resistance level, it may continue rising towards the USD 66,736 resistance level. Should this level be breached, the crypto asset could experience more price growth towards the $71,909 resistance level and possibly other levels above.
It should be the other way around Bitcoin’s price undergoes a rejection at the $64,515 level and starts falling again, it will continue its downward move towards the $60,152 support level. After breaking below this level, BTC may experience a further price decline to test the $56,523 support level and likely other levels below.
Featured image from iStock, chart from Tradingview.com