Bitcoin (BTC) is on the verge of a significant price move, approaching the key resistance level of $64,515. The cryptocurrency asset is experiencing an uptrend, gaining momentum and investor confidence.
A breakout of this key resistance could act as a catalyst for a major rally, potentially pushing BTC to fresh heights. Traders and market analysts are closely monitoring this level as a successful breach could signal a mighty bullish phase and attract increased trading activity, which would push the price even higher.
The purpose of this article is to provide an in-depth analysis of Bitcoin’s current price movement as it approaches a significant resistance level of $64,515. It aims to examine the potential market implications of a breakout of this key threshold, including the likelihood of triggering a significant rally.
Additionally, it analyzes technical indicators, market sentiment, and historical data to offer readers a comprehensive understanding of what this resistance level means for Bitcoin’s long- and short-term price trajectory.
With a market capitalization exceeding $1.2 trillion and trading volume exceeding $21 billion at the time of writing, Bitcoin’s price is currently down 3.26%, trading at around $63,300 in the last 24 hours. BTC market capitalization and trading volume are currently up 3.03% and 77.17%, respectively.
Current market overview of the bitcoin uptrend
Currently, on the 4-hour chart, the BTC price is at approx. bullish growth and attempting to cross the 100-day elementary moving average (SMA) with mighty bullish momentum. It can also be seen that the crypto asset has broken above the 4-hour bearish trend line.
The formation of the 4-hour Composite Trend Oscillator also signals a bullish trend for Bitcoin as both the signal line and the SMA of the indicator are trying to cross the zero line.
On the 1-day chart, Bitcoin price is experiencing mighty momentum uptrend towards the $64,515 resistance and the 1-day SMA. Specifically, the price rally began two days ago after a rejection at the $60,152 support level.
Finally, we can see that the signal line of the 1-day Composite Trend Oscillator is trying to cross above the SMA. This formation therefore indicates a greater bullish trend in Bitcoin price.
Overcoming or Facing Rejection
An analysis of possible market scenarios if Bitcoin breaks through or is rejected at $64,515 reveals thatIf Bitcoin price breaks above the $64,515 resistance level, it could continue to rise towards the $66,736 resistance level. If this level is broken, the cryptoasset could experience more price growth towards the $71,909 resistance level and possibly other levels above.
Conversely, it should Bitcoin price gets rejected at $64,515 and starts falling again, the price will continue moving down towards the $60,152 support level. After breaking below this level, BTC could experience further price decline to test the $56,523 support level and possibly other levels below it.
Featured image from iStock, chart from Tradingview.com
