Bitcoin Battles $64,515 Support Level, Can It Hold or Will Bears Prevail?
June 19 2024 - 6:30AM
NEWSBTC
Bitcoin 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
cryptocurrency’s near-term trajectory. On the one hand,
bullish proponents 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 crash. With a market
capitalization of more than $1.2 trillion and a trading volume of
more than $34 billion as of the time of writing, the price of
Bitcoin is up by 0.04%, trading at around $65,621 in the last 24
hours. BTC market cap and trading volume are currently down by
0.66%% and 6.05% respectively. Technical Analysis: Bitcoin Chart
Patterns And Indicators This analysis delves into weighing the
bullish and bearish scenarios in other to determine Bitcoin’s
future price actions. Bitcoin’s price on the 4-hour chart is
currently making a retracement after a rejection at the $64,515
support level and it’s still trading below the 100-day Simple
Moving Average (SMA). Although it seems like the price is moving
toward the $66,736 level, this may only be a short-term move as it
may drop down again. Also, 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 further future
decline in the price of BTC. From the 1-day chart, BTC’s price,
having successfully dropped below the 100-day SMA with strong
bearish momentum, is making a short-term pullback. After this
pullback, the flagship crypto may begin to drop again toward the
$64,515 support level. Furthermore, it can be observed here that
both the signal line and SMA of the 1-day Composite Trend
Oscillator are attempting to drop below the zero line. With this
current formation, it can be suggested that BTC’s price may go
bearish in the long run. Weighing The Bullish And Bearish
Cases Currently, there are four key support levels and three
key resistance levels to look out for in the images used in this
article. If the price of Bitcoin continues bearish as predicted, it
will start to move downward toward the $64,515 support level to
retest it. In the event of a break below this level, BTC will
decline further to test the $60,158 level and possibly other
support levels. However, given that the digital asset fails to go
bearish and decides to go bullish, it will begin to move toward the
$66,607 resistance level. It could move even higher 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
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024