Bitcoin
Bitcoin Struggles Against $64,515 Support Level, Can It Hold or Will Bears Prevail?
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Bitcoin the current position at the $64,515 support level has sparked significant interest among traders and analysts. This key threshold is seen as a critical juncture that could dictate the near-term trajectory of the cryptocurrency. On the one hand, bullish advocates argue that robust fundamentals and renewed investor interest could propel Bitcoin higher. On the other hand, bearish sentiment driven by macroeconomic pressures and regulatory uncertainties suggests a potential accident.
With a market capitalization of over $1.2 trillion and a trading volume of over $34 billion at the time of writing, Bitcoin price is up 0.04%, trading around $65,621 in the last 24 hours. BTC’s market capitalization and trading volume are currently down 0.66%% and 6.05% respectively.
Technical Analysis: Bitcoin Chart Patterns and Indicators
This analysis delves into weighing bullish and bearish scenarios to determine future Bitcoin price actions. Bitcoin price on the 4-hour chart is currently making a pullback after a rejection at the $64,515 support level and is still trading below the 100-day simple moving average (SMA). Although it appears that the price is moving towards the $66,736 level, this could only be a short-term movement as it could drop again.
Furthermore, it can be observed that both the signal line and SMA of the Composite Trend Oscillator indicator are still struggling in the oversold section, suggesting a further future decline in the price of BTC.
On the 1-day chart, BTC price, having successfully fallen below the 100-day SMA with strong bearish momentum, is making a short-term decline. to pull. After this pullback, the top cryptocurrency could start falling again towards the $64,515 support level.
Furthermore, it can be observed here that both the signal line and the SMA of the 1-day Composite Trend Oscillator are trying to fall below the zero line. With this current formation, it can be suggested that the price of BTC may fall in the long term.
Weighing the bullish and bearish cases
There are currently four major support levels and three major resistance levels to note in the images used in this article. If Bitcoin price continues lower as predicted, it will begin to fall towards the $64,515 support level to retest it. In case of a break below this level, BTC will fall further to test the $60,158 level and possibly other support levels.
However, given that the digital asset fails to enter bearish and decides to enter bullish, it will start moving towards the $66,607 resistance level. It could rise further to challenge the $71,909 resistance level if it breaks above the aforementioned level and possibly moves on to test its new high.
Featured image from iStock, chart from Tradingview.com