bitcoin price dynamics have taken a significant turn as the $64,515 support level, once a crucial base, has now transformed into a formidable resistance after being breached. This fundamental shift underscores a shift in market sentiment, and traders are now watching closely to see if bitcoin can regain this level or face greater downward pressure.
The retest of $64,515 as a resistance point is a critical moment, reflecting broader market volatility and uncertainty. This analysis delves into the implications of this change and what it means for future digital asset price action.
btc in the last 24 hours has increased by 0.47%, trading at around $64,444, with a market capitalization of over $1.2 trillion and a trading volume of over $24 billion at the time of write this article. There has been a 24-hour decline of 0.25% and 4.80% in both its market capitalization and trading volume, respectively.
btc price reactions and observations after the breach
A careful observation of past bitcoin price actions reveals that btc has achieved broken below the $64,515 support level it is retreating to retest it as resistance. It is also worth noting that at this point btc price is still trading below the 100-day SMA, meaning it remains bearish.
The 4-hour Relative Strength Index (RSI) reveals that although the crypto asset price is moving towards the $64,515 level retest it as resistance, this may be a temporary move as the price may start falling again after the retest.
Furthermore, it can be seen that btc price remains actively bearish on the 1-day chart trading below the 100-day SMA. Currently, btc price is trying to rise by dropping a bearish candle.
Lastly, with the 1-day RSI indicator setup, it can be predicted that btc price is poised for further decline in the long term as the RSI signal line is trending below 50% heading down. oversold area.
Will bitcoin recover $64,515?
Exploring possible future price movements and scenarios for bitcoin reveals that if the price recovers the $64,515 level, it may continue to rise towards the $66,736 resistance level. If this level is broken, the crypto asset may see further price growth towards the resistance level of $71,909 and possibly other higher levels.
On the contrary, if btc suffers a rejection at this level and starts falling again, it will continue its downward movement towards the $60,158 support level. If this level is broken, btc may see a fresh price decline to test the support level of $56,523 and probably other levels below.
Featured image from iStock, chart from Tradingview.com
