Bitcoin Nears $64,515 Resistance: Will A Breakthrough Ignite A Bullish Run?
July 01 2024 - 7:30AM
NEWSBTC
Bitcoin (BTC) is on the brink of a significant price movement as it
approaches the crucial resistance level of $64,515. The
cryptocurrency asset has been experiencing an upward trend, gaining
momentum and investor confidence. Breaking through this key
resistance could act as a catalyst for a major rally, potentially
pushing BTC to new heights. Traders and market analysts are closely
monitoring this level, as a successful breach could signal a strong
bullish phase and attract increased trading activity, further
driving up the price. This article aims to provide an in-depth
analysis of Bitcoin’s current price movement as it nears the
significant resistance level of $64,515. It seeks to explore the
potential market implications of breaking through this key
threshold, including the likelihood of igniting a substantial
rally. Furthermore, it examines technical indicators, market
sentiment, and historical data to offer readers a comprehensive
understanding of what this resistance level means for Bitcoin’s
long and short-term price trajectory. With a market capitalization
of more than $1.2 trillion and a trading volume of more than $21
billion as of the time of writing, the price of Bitcoin is
currently down by 3.26%, trading at around $63,300 in the last 24
hours. BTC market cap and trading volume are currently up by 3.03%
and 77.17% respectively. Current Market Overview Of Bitcoin Upward
Trend 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 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. Featured image from iStock, chart from
Tradingview.com
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