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Bitcoin Battles $64,515 Support Level, Can It Hold or Will Bears Prevail?
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Bitcoin Battles $64,515 Support Level, Can It Hold or Will Bears Prevail?

Godspower Owie
Godspower Owie
11 months ago
2 mins read
Bitcoin

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Bitcoin current position at the $64,515 support level has sparked significant interest among traders and analysts. This key threshold is seen as a critical juncture that could dictate the cryptocurrency’s near-term trajectory. On the one hand, bullish proponents argue that robust fundamentals and renewed investor interest could propel Bitcoin higher. On the other hand, bearish sentiment driven by macroeconomic pressures and regulatory uncertainties suggests a potential crash. 

With a market capitalization of more than $1.2 trillion and a trading volume of more than $34 billion as of the time of writing, the price of Bitcoin is up by 0.04%, trading at around $65,621 in the last 24 hours. BTC market cap and trading volume are currently down by 0.66%% and 6.05% respectively.

Technical Analysis: Bitcoin Chart Patterns And Indicators

This analysis delves into weighing the bullish and bearish scenarios in other to determine Bitcoin’s future price actions. Bitcoin’s price on the 4-hour chart is currently making a retracement after a rejection at the $64,515 support level and it’s still trading below the 100-day Simple Moving Average (SMA). Although it seems like the price is moving toward the $66,736 level, this may only be a short-term move as it may drop down again.

Bitcoin
Source: BTCUSDT on Tradingview.com

Also, it can be observed that both the signal line and SMA of the Composite Trend Oscillator indicator are still struggling in the oversold section suggesting further future decline in the price of BTC.

From the 1-day chart, BTC’s price, having successfully dropped below the 100-day SMA with strong bearish momentum, is making a short-term pullback. After this pullback, the flagship crypto may begin to drop again toward the $64,515 support level.

Bitcoin
Source: BTCUSDT on Tradingview.com

Furthermore, it can be observed here that both the signal line and SMA of the 1-day Composite Trend Oscillator are attempting to drop below the zero line. With this current formation, it can be suggested that BTC’s price may go bearish in the long run.

Weighing The Bullish And Bearish Cases 

Currently, there are four key support levels and three key resistance levels to look out for in the images used in this article. If the price of Bitcoin continues bearish as predicted, it will start to move downward toward the $64,515 support level to retest it. In the event of a break below this level, BTC will decline further to test the $60,158 level and possibly other support levels.

However, given that the digital asset fails to go bearish and decides to go bullish, it will begin to move toward the $66,607 resistance level. It could move even higher to challenge the $71,909 resistance level if it breaks above the aforementioned level and possibly moves on to test its new high.

Bitcoin
BTC trading at $65,183 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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