Bitcoin (BTC) Price Analysis: Poised to Break Through Crucial Resistance Level of $64,515

Bitcoin (BTC) is on the brink of a significant price movement as it approaches the crucial resistance level of $64,515

Bitcoin (BTC) is approaching a crucial resistance level that could determine its next price move. As of the time of writing, BTC is trading at around $63,300, down 3.26% in the last 24 hours.

However, the world’s largest cryptocurrency is still up more than 100% year-to-date.

A breakout above the key resistance level could signal a strong bullish phase and attract increased trading activity, pushing BTC to new highs.

On the other hand, a failure to break through this level could lead to a market correction or consolidation.

Technical indicators, market sentiment, and historical data will offer traders a better perspective on what this resistance level means for Bitcoin’s long and short-term price trajectory.

Bitcoin price currently down by 3.26%, to trade at around $63,300 in the last 24 hours

Currently, on the 4-hour chart, the price of BTC is on a bullish rise and attempting a 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 signals bullishness for Bitcoin as both the signal line and the SMA of the indicator are attempting to cross above the zero line.

On the 1-day chart, the price of Bitcoin is experiencing a strong momentum rise toward the $64,515 resistance 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 observed that the signal line of the 1-day Composite Trend Oscillator is attempting to cross above the SMA. This formation thereby indicates more bullishness for Bitcoin’s price.

Breaking Through Or Facing Rejection At $64,515

Exploring possible market scenarios if Bitcoin breaks through or is rejected at $64,515 reveals that if the price of Bitcoin breaks above the $64,515 resistance level, it may continue to move upward toward the $66,736 resistance level.

Should this level be breached, the crypto asset may experience more price growth toward the $71,909 resistance level and possibly other levels above.

Conversely, should Bitcoin’s price undergo a rejection at the $64,515 level and begin to drop again, it will continue its downward movement toward the $60,152 support level.

Following a break below this level, BTC may experience a further price drop to test the $56,523 support level and probably other levels below.

The above is the detailed content of Bitcoin (BTC) Price Analysis: Poised to Break Through Crucial Resistance Level of $64,515. For more information, please follow other related articles on the PHP Chinese website!