Bitcoin’s support level at $64,515 has become a strong resistance after being breached. This shift in market sentiment has traders wondering if Bitcoin can regain this level or face further declines.
Current Market Conditions
Bitcoin is currently trading at around $64,444, with a market cap of over $1.2 trillion. It has gained 0.47% in the last 24 hours, but its market cap and trading volume have both decreased slightly.
Price Analysis
Bitcoin’s price is still trading below the 100-day Simple Moving Average (SMA), indicating a bearish trend. The 4-hour Relative Strength Index (RSI) suggests that Bitcoin’s price may temporarily move towards $64,515 but could decline again after retesting the resistance.
Future Scenarios
If Bitcoin Reclaims $64,515:
- It could continue to rise towards the $66,736 resistance level.
- Further price growth towards $71,909 and higher levels is possible.
If Bitcoin Faces Rejection:
- It could continue to fall towards the $60,158 support level.
- Further price declines towards $56,523 and lower levels are possible.
