Bitcoin price momentum has taken a significant turn as the $64,515 support level, once a crucial base, has now turned into formidable resistance after being breached. This crucial change highlights a shift in market sentiment, with traders now watching closely to see if Bitcoin can regain this level or face new downward pressures.
Retesting $64,515 as a resistance point is a critical moment, reflecting broader market volatility and uncertainty. This analysis delves deeper into the implications of this change and what it means for future price action of digital assets.
Over the past 24 hours, BTC increased by 0.47%, trading at around $64,444, with a market cap of over $1.2 trillion and trading volume volume over $24 billion at the time of writing this article. There was a 24-hour decline of 0.25% and 4.80% in its market capitalization and trading volume respectively.
BTC price reactions and observations after the violation
A careful observation of BitcoinPrevious Price Actions Reveal BTC Has Succeeded broken below the $64,515 support level comes back to test it again as resistance. It is also worth noting that at present, BTC price is still trading below the 100-day simple moving average (SMA), meaning it is still bearish.
The 4-hour Relative Strength Index (RSI) reveals that even though the price of the crypto asset is moving towards the $64,515 level To retest it as resistance, this may be a temporary move as the price may start falling again after the retest.
Furthermore, it can be observed that BTC price is still actively bearish on the 1-day chart, below the 100-day SMA. Currently, BTC price is trying to move higher by dropping a bearish candlestick.
Finally, with the 1-day RSI indicator setup, one can predict that BTC price is about to decline further in the long term as the RSI signal line is trending below 50% towards the zone overselling.
Will Bitcoin Reclaim $64,515?
Exploring possible future price movements and scenarios for Bitcoin reveals that if the price recovers the $64,515 level, it could continue to advance towards the $66,736 resistance level. If this level is breached, the crypto asset could see greater price growth towards the $71,909 resistance level and possibly other higher levels.
Conversely, should BTC If the price is rejected at this level and starts to decline again, it will continue its downward movement towards the support level of $60,158. If this level is breached, BTC could see a further price decline to test the $56,523 support level and likely other lower levels.
Featured image from iStock, chart from Tradingview.com
