Bitcoin (BTC) it is on the verge of a significant price move as it approaches the key resistance level of $64,515. Cryptocurrency assets have been growing, gaining momentum and investor confidence.
A break through this key resistance could act as the trigger for a major rally, potentially pushing BTC to higher levels. Traders and market analysts closely monitor this level, as a successful breach may indicate a strong bullish phase and attract increased trading activity, further driving the price.
This article aims to provide an in-depth analysis of the current Bitcoin price movement as it approaches the key resistance level of $64,515. It seeks to assess the potential market implications of exceeding this critical threshold, including the possibility of triggering a mass rally.
In addition, 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-term and short-term price trajectory.
With a market capitalization of over $1.2 trillion and a trading volume of over $21 billion as of the time of writing, the price of Bitcoin is currently down 3.26%, trading around $63,300 in the past 24 hours. BTC market cap and trading volume are currently up 3.03% and 77.17% respectively.
Overview of the Current Bitcoin Upward Trend Market
Currently, on the 4-hour chart, the BTC price is at a bullish wake up and try to cross above the 100-day Simple Moving Average (SMA) with strong bullish momentum. Also, it can be noticed that the crypto asset has broken above the 4-hour bearish trend line.
The formation of the 4-hour Composite Trend Oscillator also shows a bullish trend for Bitcoin as both the signal line and the SMA of the indicator are trying to cross above the zero line.
On the 1-day chart, the price of Bitcoin is rising strongly towards the resistance of $64,515 and the 1-day SMA. Specifically, this price rally started two days ago after being rejected at the $60,152 support level.
Finally, it can see that the signal line of the 1-day Composite Trend Oscillator is trying to cross above the SMA. This formation shows the increase in the price of Bitcoin.
Hacking or Facing Rejection
An examination of the possible market conditions if Bitcoin breaks or is rejected at $64,515 reveals that thef Bitcoin price breaks above the resistance level of $64,515, it may continue to rise towards the resistance level of $66,736. If this level is breached, the crypto asset may face further price growth towards the resistance level of $71,909 and other levels above.
On the contrary, it should The price of Bitcoin rejection at the level of $64,515 and starts to decline again, it will continue its decline towards the support level of $60,152. After a break below this level, BTC may drop further in price to test the $56,523 support level and other levels below.
Featured image from iStock, chart from Tradingview.com
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