Bitcoin (BTC) is on the verge 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 confidence from investors.
Breaking this key resistance could act as a catalyst for a major rally, potentially taking BTC to new highs. Traders and market analysts are closely monitoring this level, as a successful breach could signal a strong bullish phase and attract increased trading activity, driving the price even higher.
This article aims to provide an in-depth analysis of Bitcoin’s current price movement as it approaches the significant resistance level of $64,515. It seeks to explore the potential market implications of surpassing this key threshold, including the likelihood of triggering a substantial recovery.
Additionally, it examines technical indicators, market sentiment, and historical data to provide readers with a comprehensive understanding of what this resistance level means for Bitcoin’s long-term and short-term price trajectory.
With a market cap of over $1.2 trillion and a trading volume of over $21 billion at the time of writing, Bitcoin’s price is currently down 3.26% to trade at around $63,300 in the past 24 hours. BTC’s market cap and trading volume are currently up 3.03% and 77.17%, respectively.
Current Market Overview of Bitcoin Uptrend
Currently, on the 4-hour chart, BTC price is at a optimistic move up and try to cross above the 100-day simple moving average (SMA) with strong bullish momentum. Furthermore, it can be noted that the crypto asset has broken above the 4-hour downtrend line.
![Bitcoin Approaches $64,515 Resistance: Will a Breakout Trigger a Bull Run? 1 Bitcoin](https://thegurumedia.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-01-at-9.19.20-AM-1.jpeg)
The formation of the 4-hour composite trend oscillator also signals bullishness for Bitcoin as both the signal line and the indicator’s SMA are attempting to cross above the zero line.
On the 1-day chart, Bitcoin price is experiencing strong momentum towards the $64,515 resistance and the 1-day SMA. Specifically, this price increase began two days ago following a rejection at the $60,152 support level.
![Bitcoin Approaches $64,515 Resistance: Will a Breakout Trigger a Bull Run? 2 Bitcoin](https://thegurumedia.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-01-at-9.19.20-AM.jpeg)
Finally, it can be observed that the 1-day composite trend oscillator signal line is attempting to cross above the SMA. This formation, therefore, indicates further bullishness for the Bitcoin price.
Break up or face rejection
Exploring possible market scenarios if Bitcoin breaks or is rejected at $64,515 reveals that IIf Bitcoin price breaks above the $64,515 resistance level, it could continue rising towards the $66,736 resistance level. Should this level be breached, the crypto asset could experience further price growth towards the $71,909 resistance level and possibly other levels above.
On the other hand, it should Bitcoin Price If BTC suffers a rejection at the $64,515 level and starts to decline again, it will continue its downward movement towards the $60,152 support level. After a break below this level, BTC could see a further price decline to test the $56,523 support level and probably other levels below.
Featured image from iStock, chart from Tradingview.com