Bitcoin is currently facing a critical test at the $64,515 support level. This level could determine its direction in the coming days.
Bullish Arguments
- Strong fundamentals and investor interest could push Bitcoin higher.
Bearish Arguments
- Macroeconomic pressures and regulatory uncertainties could lead to a crash.
Technical Analysis
4-Hour Chart:
- Bitcoin is retracing after being rejected at the $64,515 support level.
- It’s still below the 100-day Simple Moving Average (SMA).
- The Composite Trend Oscillator indicator suggests a potential decline.
1-Day Chart:
- Bitcoin has fallen below the 100-day SMA.
- It’s currently making a short-term pullback.
- The Composite Trend Oscillator indicator suggests a long-term bearish trend.
Key Levels to Watch
Support Levels:
- $64,515
- $60,158
Resistance Levels:
- $66,607
- $71,909
Prediction
If Bitcoin breaks below the $64,515 support level, it could fall further to test lower support levels. However, if it breaks above the $66,607 resistance level, it could move towards higher resistance levels.
