Bitcoin is currently trading at $63,554, after oscillating between $62,479 and $64,687 in the past 24 hours. Key technical indicators are showing mixed signals, with price consolidating after recent resistance at $64,730. Traders are watching for potential entry points as market indecision spreads across various timeframes.
Hourly Chart Situation
On the hourly chart, Bitcoin (BTC) shows signs of slowing down after hitting the key resistance level of $64,730. Since then, the price has been moving sideways, consolidating around $63,500. The rejection of $64,730 and declining trading volume might suggest weakening bullish momentum. Traders should watch for potential support at $62,500, which could offer a short-term entry point if confirmed by volume spikes.
Four-Hour Chart
The four-hour chart reflects a similar pattern. Bitcoin is consolidating between $63,500 and $64,000 after a sharp rise from $59,000. A bearish decline followed by indecisive price movements highlights market uncertainty. Although high volume initially drove the price up to $64,000, the recent drop in trading volume suggests waning buying interest.
Daily Chart and Broader Trend
The daily chart shows that Bitcoin’s broader uptrend remains intact. Support is firmly established between $60,000 and $61,000. The price has risen from early September lows of $52,546 to test highs around $65,000. A breakout above the resistance at $64,730 could pave the way for further gains toward $65,000 and beyond. However, the declining volume since mid-September suggests a potential exhaustion of buying pressure.
Oscillators and Indicators
Oscillators are providing mixed signals. The Relative Strength Index (RSI) sits at a neutral 63, indicating neither overbought nor oversold conditions. However, Stochastic and Commodity Channel Index (CCI) are signaling bearish behavior, suggesting the possibility of a short-term pullback. Momentum indicators, such as the Awesome Oscillator and MACD, offer contrasting perspectives, with the latter pointing to a potential bullish signal.
Moving Averages
Bitcoin’s moving averages (MA) indicate strong support for the ongoing uptrend. Both exponential (EMA) and simple moving averages (SMA) for periods of 10, 20, 50, and 100 reflect optimism and reinforce bullish sentiment. The only exception is the 200-period SMA, which signals selling pressure at $63,922, highlighting caution as Bitcoin approaches key resistance levels.
Bullish Scenario
Bitcoin’s strong uptrend and support from key moving averages suggest that a breakout above $64,730 could lead to new highs, with a target of $65,000 and higher. If the market regains momentum and buying volume increases, Bitcoin could continue its bullish trajectory, supported by favorable moving averages and solid support around $61,000.
Bearish Scenario
Failure to break through the $64,730 resistance, combined with declining volume and bearish signals from oscillators, indicates the possibility of a short-term pullback. If Bitcoin falls below $62,500, further declines toward the support zone of $60,000–$61,000 could follow, confirming market exhaustion and growing indecision.
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
