Bitcoin (BTC) has rebounded from Monday’s low of $62,210, retaking $64,000. The flagship cryptocurrency reached an intraday high of $64,497 on Tuesday and is currently trading around $64,122.
A close above $65,000 could open the door to a move towards $66,000 and July’s high of $67,975. However, buyers must overcome immediate resistance between $64,000 and $65,000.
Bitcoin Back Above $64,000
Bitcoin (BTC) started the week with a sharp drop, falling to a low of $62,210 as the Coincard exploit, along with prevailing macroeconomic and geopolitical conditions, pressured an already jittery market. The flagship cryptocurrency recovered from Monday’s low to reach an intraday high of $64,497 on Tuesday, and held above $64,000 during the ongoing session as buyers stepped in. A close above $64,300 could lead to more gains, but macroeconomic and geopolitical uncertainty is weighing down market sentiment.
The RSI currently sits in neutral territory at 51, while the MACD suggests bulls have a slight advantage. Despite BTC’s impressive recovery this week, it remains in a broader consolidation range spanning between $57,000 and $67,000. While a close above $65,000 is bullish in the short term, a break above $67,000 could hand bulls control.
Bitcoin Tests Descending Channel
On the four-hour chart, BTC tested the upper boundary of a descending channel, briefly pushing higher before dropping back towards $64,000. This price action suggests buyers are unsure about a breakout. Meanwhile, analyst Ali Martinez stated that a close above $64,300 on the four-hour chart could clear the way for a move towards $65,500-$66,500.
“If you’re bullish on Bitcoin, watch this. $BTC is testing the upper boundary of a descending channel, making $64,300 the key level to watch. A 4-hour close above $64,300 could confirm the breakout and open the door to a rally toward $65,500 or even $66,500.”
The Awesome Oscillator flashed a bullish signal, climbing past 277 and printing rising green bars. However, Bitcoin must absorb the overhead supply to ensure sustained momentum. An order book analysis revealed large sell orders between $64,000 and $65,000, explaining BTC’s inability to extend its gains beyond the current range.
$62,000 In Focus
The Bitcoin liquidation heatmap revealed a substantial concentration of leveraged positions at $62,000 and could come into focus if BTC loses momentum. The heatmap also shows smaller clusters around $63,000 and between $64,500 and $66,000. In a bullish scenario, BTC stays above $63,496 and breaks above the overhead supply zone. Such a scenario could see BTC push above $67,000 and its broader consolidation range. However, if BTC falls below $63,500, it could bring the liquidation cluster at $62,000 into focus. A break below this level could see BTC slip below $61,000.
US-Iran Talks Progress
BTC’s latest recovery began after Qatar confirmed mediators were working to reopen negotiations between the US and Iran. Majed Al-Ansari, Qatar’s Foreign Ministry spokesperson, stated that Doha aims to restore normalcy in the Strait of Hormuz and was working with other regional countries to mediate between Washington and Tehran.
“What matters to us now is the resumption of negotiations, and to achieve this, a ceasefire and the reopening of the Strait of Hormuz must be guaranteed.”
Diplomatic efforts have eased concerns about supply chain disruptions. The strait is one of the world’s most important oil supply routes. Reopening the strait could ease strain on crude prices and drive demand for risk assets like BTC.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
