Bitcoin price is currently at a critical level and its reaction is likely to determine the medium-term trend of the crypto market. 📈

On the daily chart, BTC has surged past the $56K and $60K levels after bouncing off the $52K support level. However, the market has reached the $64K resistance level and the 200-day moving average. Breaking this level could lead to further price gains. Otherwise, the $60K level could provide support.

On the 4-hour chart, BTC is consolidating in a small downward channel at $64K. If this channel breaks down, it could be a classic bearish reversal. However, if it breaks up, a rapid rally to $70K is expected. RSI values ​​are also above 50, supporting bullish momentum.

Short-term investors panicked and sold at a loss during the recent price consolidation. However, they started making profits again with the recent price increase. While this is a natural bullish market behavior, the market could fall again if there is not enough demand.