Bitcoin price dynamics took a major turn as the $64,515 support level, which was previously a crucial basis, turned into massive resistance after being breached. This pivotal change underscores the shift in market sentiment, with traders now watching closely to see if Bitcoin can regain this level. Facing more downward pressure.
The retest of $64,515 as a resistance point is a critical juncture, reflecting broader market volatility and uncertainty. This analysis delves into the implications of this shift and what it means for digital asset price movement in the future.
Over the past 24 hours, Bitcoin (BTC) has risen by 0.47%, trading at around $64,444, with a market cap of over $1.2 trillion and trading volume of over $24 billion at the time of writing. There was a 24-hour decrease of 0.25% and 4.80% in both market cap and trading volume respectively.
Reactions and feedback after the BTC price violation
Close monitoring of Bitcoin’s past price movements reveals that BTC has succeeded It broke below the $64,515 support level It moves again to retest it as resistance. It is also worth noting that at this point, Bitcoin price is still trading below the 100-day simple moving average (SMA), which means it is still bearish.
The 4-hour Relative Strength Index (RSI) reveals that although the price of the crypto asset is moving towards the level $64,515 level To retest it as resistance, this may be a temporary move as the price may start falling again after the retest.
Also, it can be seen that BTC price is still actively bearish on the daily chart trading below the 100-day simple moving average. Currently, BTC price is trying to move upward by projecting a bearish candle.
Finally, with the 1-day RSI setting, it can be expected that BTC price is preparing for further decline in the long term as the RSI signal line heads below 50% heading towards the oversold zone.
Will Bitcoin recover $64,515?
Exploring the price movements and possible future scenarios for Bitcoin reveals that if the price reclaims the $64,515 level, it may continue to move upwards towards the $66,736 resistance level. If this level is breached, the crypto assets may see further price growth towards the $71,909 resistance level and possibly other higher levels.
Conversely, if Bitcoin gets rejected at this level and starts falling again, it will continue its downward movement towards the $60,158 support level. If this level is breached, Bitcoin may face a further price decline to test the $56,523 support level and possibly other levels below.
Featured image from iStock, chart from Tradingview.com