Bitcoin (BTC) Price Analysis: $64.5k Resistance Halts Rally, Will Bears Regroup for Another Leg Down?

Bitcoin's price dynamics have taken a significant turn as the $64,515 support level, once a crucial foundation, has now transformed into a formidable

Bitcoin’s price showed little change over the last 24 hours as BTC trades above the $64,500 level again. The digital asset is now approaching a crucial resistance level, having broken through a key support level earlier this week.

After dropping below a crucial support level earlier this week, Bitcoin is now approaching a critical resistance level. BTC’s price showed little change over the last 24 hours as it trades above the $64,500 level again. This follows a period of consolidation for the digital asset, with its price remaining within a narrow range for the past few days.

However, BTC’s price is still trading below the 100-day Simple Moving Average (SMA), indicating a bearish trend.

After successfully breaking below the crucial support level at $64,515, BTC is now moving back to retest it as resistance. This level was previously a strong support zone that had held BTC from further downward movement for several weeks.

However, with BTC closing 4-hour candles below this level, this dynamic has shifted, turning the previous support level into a resistance level.

Now, as BTC price approaches this level again, traders will be closely watching to see if it can break through it and continue moving upward or if it will face resistance at this level and begin dropping again.

After dropping below a crucial support level earlier this week, Bitcoin is now approaching a critical resistance level

From the 4-hour Relative Strength Index (RSI), we can observe that despite the crypto asset’s price moving toward the $64,515 level to retest it as a resistance, this may be a temporary move as the price may begin to drop again after the retest.

The RSI price is observed to be moving away from the 50% level, indicating decreasing buying pressure and the possibility of a price decrease.

After dropping below a crucial support level earlier this week, Bitcoin is now approaching a critical resistance level

On the 1-day chart, we can observe that the price of BTC is still actively bearish, trading below the 100-day SMA. Currently, BTC’s price is attempting an upward move by dropping a bearish candlestick.

This candlestick shows a long lower wick, indicating strong buying pressure at lower prices and an attempt by the bulls to push the price back up. However, the bears are still in control, keeping the price from moving too far upward.

After dropping below a crucial support level earlier this week, Bitcoin is now approaching a critical resistance level

Lastly, with the setup of the 1-day RSI indicator, we can predict that BTC’s price is poised for more decline in the long run as the RSI signal line is trending below 50% heading toward the oversold zone.

This indicates that the bears are still in control and may continue driving the price down for a while longer.

After dropping below a crucial support level earlier this week, Bitcoin is now approaching a critical resistance level

If the price does manage to reclaim the $64,515 level, we could see BTC continue moving upward toward the $66,736 resistance level. If this level is breached, the crypto asset may experience more price growth toward the $71,909 resistance level and possibly other levels above.

On the other hand, if BTC undergoes a rejection at this level and begins to drop again, it will continue its downward movement toward the $60,158 support level.

If this level is breached, BTC may experience a further price drop to test the $56,523 support level and probably other levels below.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-btc-price-analysis-k-resistance-halts-rally-bears-regroup-leg.html

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