👉👉Why Is $64,000 Important for Bitcoin? Can BTC Break This Hurdle? 👈👈

Bitcoin's$BTC

$64,000 is considered a significant resistance level, once the all-time high price (ATH). The weekly charts also clearly show this situation. In 2021, Bitcoin attempted to reach this level twice.

After losing the peak, BTC spent 3 years to reach $70,000, but it could not maintain this level for a long time. There is no clear support above $62,000; however, there are strong resistances above this level. Bitcoin is currently facing this situation.

For the last two days, BTC has been using this area as a consolidation area. It also seems likely to remain in this area in the later days of September. If BTC falls below $62,000, additional bullish power will be needed. The MACD indicator shows that sellers have increased after Bitcoin reached this peak; this is due to the high probability that investors will sell at the peak. Bitcoin is currently trading at $63,094, with more than 80% of investors in a positive position. However, the long-short ratio shows that traders are moving away from bullish expectations; short positions are more than longs.

Current price action points to an approaching consolidation zone. This week, we can expect Bitcoin to fluctuate between $62,000 and $64,000. There is also a possibility of a sudden increase in prices with the beginning of the new month.

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