As it gets closer to the important support level of $64,515, Bitcoin (BTC) is on the verge of a big price turning point. The most popular cryptocurrency has been steadily going up thanks to rising investor trust and a strong surge in momentum.
As long as BTC stays above this important resistance level, it could start a significant recovery that could take the price to completely new highs. Market watchers and experts are paying close attention to this development. If Bitcoin is able to break through this barrier, they expect trading to pick up significantly and a strong bullish phase to begin.
This report goes into great detail about how Bitcoin’s price is changing right now as it gets closer to the important $64,515 barrier. It looks into what might happen to the market if this level is broken, specifically how likely it is that a big rise will start.
Bitcoin’s Daily Chart Insights
At the time of writing, Bitcoin is trading around $63,300, which is a 3.26% drop over the last 24 hours. Its market capitalization is over $1.2 trillion, and its trade volume is over $21 billion. It is worth noting that BTC’s market cap has grown by 3.03% and trade volume has grown by an amazing 77.17%.
Bitcoin is trying to break through a bearish trend line and move above the 100-day Simple Moving Average (SMA) on the 4-hour chart, which shows bullish momentum. The formation of the 4-hour Composite Trend Oscillator is also a sign of hope, as both the signal line and the short-term moving average (SMA) of the indicator are trying to go above the zero line.
On the daily chart, Bitcoin is moving strongly upward and is getting close to the $64,515 support and the 1-day SMA. After a bounce back from the $60,152 support level, this rise began two days ago. The 1-day Composite Trend Oscillator shows that people are still optimistic. The signal line is about to cross above the simple moving average (SMA), which means that Bitcoin’s price will likely keep going up.
Looking at different possible outcomes, a good break above the $64,515 resistance could send Bitcoin towards the $66,736 resistance level and maybe even higher. On the other hand, if this important level is rejected, prices could fall to the $60,152 support level, and they could go even lower to the $56,523 level and beyond.
People in the market are waiting for more to happen around Bitcoin’s important $64,515 support, which could have an effect on its short-term path and the mood of the market as a whole.
