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

Go to Source
Author: Godspower Owie

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