Bitcoin

Ignite

<a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-blasts-past-63000-top-3-reasons/" target="_blank" rel="noopener ">Bitcoin (BTC)</a> is on the brink 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 investor confidence.&nbsp; 
Breaking through this key resistance could act as a catalyst for a major rally, potentially pushing BTC to new heights. Traders and market analysts are closely monitoring this level, as a successful breach could signal a strong bullish phase and attract increased trading activity, further driving up the price. 
This article aims to provide an in-depth analysis of Bitcoin’s current price movement as it nears the significant resistance level of $64,515. It seeks to explore the potential market implications of breaking through this key threshold, including the likelihood of igniting a substantial rally.&nbsp; 
Furthermore, it examines technical indicators, market sentiment, and historical data to offer readers a comprehensive understanding of what this resistance level means for Bitcoin’s long and short-term price trajectory. 
With a market capitalization of more than $1.2 trillion and a trading volume of more than $21 billion as of the time of writing, the price of Bitcoin is currently down by 3.26%, trading at around $63,300 in the last 24 hours. BTC market cap and trading volume are currently up by 3.03% and 77.17% respectively. 
<h2 id="strong-current-market-overview-of-bitcoin-upward-trend-strong">Current Market Overview Of Bitcoin Upward Trend</h2> 
Currently, on the 4-hour chart, the price of BTC is on a <a href="https://www.newsbtc.com/news/bitcoin-remains-bullish-as-new-btc-addresses-surge-to-new-2-month-highs/" target="_blank" rel="noopener ">bullish</a> rise and attempting a cross above the 100-day Simple Moving Average (SMA) with strong bullish momentum. Also, it can be noticed that the crypto asset has broken above the 4-hour bearish trend line. 
<img loading="lazy" decoding="async" class="wp-image-627175 size-large" src="https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-01-at-9.19.20-AM-1.jpeg?w=860&amp;resize=860%2C500" alt="Bitcoin" width="860" height="500" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-01-at-9.19.20-AM-1.jpeg?w=1438 1438w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-01-at-9.19.20-AM-1.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-01-at-9.19.20-AM-1.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-01-at-9.19.20-AM-1.jpeg?w=860&amp;resize=860%2C500 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-01-at-9.19.20-AM-1.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-01-at-9.19.20-AM-1.jpeg?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
The formation of the 4-hour Composite Trend Oscillator also signals bullishness for Bitcoin as both the signal line and the SMA of the indicator are attempting to cross above the zero line. 
On the 1-day chart, the price of Bitcoin is experiencing a strong momentum rise toward the $64,515 resistance and the 1-day SMA. Specifically, this price increase started two days ago after a rejection at the $60,152 support level. 
<img loading="lazy" decoding="async" class="size-large wp-image-627176" src="https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-01-at-9.19.20-AM.jpeg?w=860&amp;resize=860%2C500" alt="Bitcoin" width="860" height="500" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-01-at-9.19.20-AM.jpeg?w=1438 1438w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-01-at-9.19.20-AM.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-01-at-9.19.20-AM.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-01-at-9.19.20-AM.jpeg?w=860&amp;resize=860%2C500 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-01-at-9.19.20-AM.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-01-at-9.19.20-AM.jpeg?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
Finally, it can observed that the signal line of the 1-day Composite Trend Oscillator is attempting to cross above the SMA. This formation thereby indicates more bullishness for Bitcoin’s price. 
<h2 id="strong-breaking-through-or-facing-rejection-strong">Breaking Through Or Facing Rejection</h2> 
Exploring possible market scenarios if Bitcoin breaks through or is rejected at $64,515 reveals that if the price of Bitcoin breaks above the $64,515 resistance level, it may continue to move upward toward the $66,736 resistance level. Should this level be breached, the crypto asset may experience more price growth toward the $71,909 resistance level and possibly other levels above. 
Conversely, should <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-spikes-63500/" target="_blank" rel="noopener ">Bitcoin’s price</a> undergo a rejection at the $64,515 level and begin to drop again, it will continue its downward movement toward the $60,152 support level. Following a break below this level, BTC may experience a further price drop to test the $56,523 support level and probably other levels below. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/yIhsCHCP/" alt="Bitcoin" width="2283" height="1265">

Bitcoin Nears $64,515 Resistance: Will A Breakthrough Ignite A Bullish Run?

Tabla de contenidos

NewsBTC

Otros artículos publicados el 1 jul 2024

Bitcoin Eyes July Rebound Despite Mt. Gox and Regulatory Pressures

MoonBag Blasts Off as the Best Crypto Presale in 2024 as Notcoin Wobbles, Cardano Stalls

Cryptocurrencies Ready To Break Their ATHs This Year According To Experts

Discover What’s Powering BlockDAG’s Rise: $54.9M Presale Surmounts Uniswap & Stellar’s Efforts

CARV Launches Alphanet: $35M Node Sale Propels Decentralization Milestone

Cloudbet Integrates Ethena USDe (sUSDe) Stablecoin and ENA Tokens

¡Únete a nuestro boletín gratuito para recibir actualizaciones diarias de criptografía!