Bitcoin is currently trading at $63,554, after a 24-hour swing between $62,479 and $64,687. Key technical indicators are showing mixed signals, consolidating after recent resistance at $64,730. Traders are keeping a close eye on potential entry points as market indecision emerges on different time frames.
Bitcoin
On the hourly chart, Bitcoin (BTC) is showing signs of cooling after hitting the key resistance level at $64,730. Since then, price action has mostly fluctuated, consolidating at $63,500. The deviation from $64,730, coupled with lower volume, signals a possible weakening of bullish momentum. Traders should keep an eye on potential support at $62,500, which could become a short-term entry point if confirmed by volume surges.
The 4-hour chart shows similar behavior, with Bitcoin consolidating between $63,500 and $64,000 after initially rising from $59,000. A bearish decline accompanied by hesitant price movements highlights uncertainty in the market. Since heavy volume pushed the stock higher to $64,000, the recent decline in volume may indicate weakening buying interest.
Moving on to the daily chart, we can see that Bitcoin’s broader uptrend remains intact, with support firmly established between $60,000 and $61,000. The price has risen from an early September low of $52,546 and tested highs around $65,000. A break of the $64,730 resistance level could trigger further upside momentum with a target of $65,000 and above. However, the decline in volumes since mid-September hints at a potential exhaustion of buying pressure.
Oscillators give mixed signals. The relative strength index (RSI) is at a neutral level of 63, which indicates neither overbought nor oversold. However, the Stochastic and Commodity Channel Index (CCI) are signaling bearish sentiment, indicating potential short-term corrections. Momentum indicators such as the Amazing Oscillator and Moving Average Divergence (MACD) offer contrasting perspectives, with the latter indicating a potentially bullish signal.
Finally, Bitcoin’s moving averages (MAs) indicate strong support for the ongoing uptrend. Exponential and simple moving averages with periods of 10, 20, 50 and 100 (EMA and SMA) indicate optimism, reinforcing bullish sentiment. The only exception is the 200-period SMA, which reflects a sell signal at $63,922, indicating caution as Bitcoin approaches key resistance levels.
Bullish verdict:
Bitcoin’s strong uptrend and support from key moving averages suggest a break above $64,730 could lead to new highs with targets of $65,000 and above. If the market regains momentum and buying volume increases, Bitcoin could continue its bullish trajectory, supported by favorable moving averages and a solid fundamental around $61,000.
Bearish verdict:
The failure to clear the $64,730 resistance coupled with declining volume and sell signals from the oscillators indicates the potential for a near-term pullback. If Bitcoin falls below $62,500, we could see further declines towards the $60,000-$61,000 support zone as the market shows signs of exhaustion and indecision.
