The live Bitcoin price today hovers around $64,968.96, with a 24-hour trading volume of $21,756,623,791. Bitcoin’s value has seen a 2.03% upswing in the last day amidst market-wide liquidations. Despite a weekly decline of 4.5%, the cryptocurrency has demonstrated resilience, bouncing back with a narrow intraday range between $63,161 and $64,968. This suggests cautious optimism as Bitcoin contends with the aftermath of its recent halving event.
Bitcoin Halving Impact and Technical Outlook
Bitcoin’s halving event at block height 840,000 marked a significant milestone, driving transaction fees up to $240. This has intensified the tug-of-war between supply crunch and rising costs, making for a volatile trading environment. In the short-term, technical indicators present a mixed picture.
Market liquidity has seen a shake-up with over $100 million in liquidations over the past day, pointing to high volatility and active trading conditions. Bitcoin’s market dominance is slightly down by 2.3% for the week, while altcoins have increased their market share by 7.9%, reflecting a shift in investor interest towards the broader altcoin market.
The current BTC price shows a solid rebound from the lower $63,000s to a standing position above $65,000. Bears are defending the resistance at $66,000, but persistent buying at lower levels suggests accumulating interest. If buyers break the resistance, a move towards $70,000 could be imminent, testing all-time highs. Alternatively, a bearish push below the moving averages could see BTC consolidating between $65,000 and $60,000 for some time.
Bitcoin Tests Key Resistance Levels Amidst Market Recovery
In the wake of the halving, Bitcoin’s corrective sentiment has not deterred holders, as even minor price shifts could trigger substantial movements in altcoin valuations due to their rising dominance. In the daily timeframe, Bitcoin has shown signs of recovery from its recent low of $59,629. The price action is now printing green candles, suggesting bullish momentum. This uptrend is supported by the fact that the price is currently holding above the vital psychological level of $60,000. Moreover, a consistent hold above this level could reinforce buyer confidence, increasing the likelihood of testing higher resistance zones.
The technical setup on the daily chart indicates a potential bullish reversal pattern. However, the price is still below the pivotal $65,000 resistance level, a break above which could validate this reversal.
In the latest 4-hour chart, Bitcoin (BTC/USD) is testing the resistance zone near the $66,117 mark, following a rebound from the support area around $63,996. The current trading price is situated around $64,968, reflecting an intricate dance between bullish and bearish forces within this range.
The moving averages offer a layered perspective, with the 50-period moving average (MA) at $64,945.8 providing immediate resistance. The 100-period MA, slightly higher at $68,060.3, marks a significant resistance level that has yet to be breached in this session. Meanwhile, the 200-period MA lies at $63,120.0, serving as a key support in recent price actions.
The Relative Strength Index (RSI) is currently at 42.74, indicating a neutral stance but leaning towards a bearish sentiment as it sits below the midline of 50. This suggests that while selling pressure has been prevalent, there is still potential for a swing towards a bullish trend should the RSI climb above 50.
The Moving Average Convergence Divergence (MACD) is showing a bearish crossover, with the MACD line crossing below the signal line, highlighted by the histogram at -127.9. This points to a momentum shift in favor of the bears, yet the proximity to the zero line suggests that the bearish momentum is not overwhelmingly strong at this time.
As traders monitor BTC/USD’s interaction with these technical levels, the 4-hour chart indicates that the $64,000 to $66,000 range is pivotal. A convincing break and hold above this range could signal a stronger bullish upturn, while failure to overcome these levels might see Bitcoin seeking support at lower price points.
