Bitcoin Price Prediction: Battle To Surpass $64,500 Continues With No Confirmation of Bullish Bias
The post Bitcoin Price Prediction: Battle To Surpass $64,500 Continues With No Confirmation of Bullish Bias appeared first on Coinpedia Fintech News
Bitcoin is currently facing rejection at a critical resistance level but is no longer showing the hidden bearish divergence on the daily chart. Instead, it’s showing a traditional bearish divergence on smaller time frames. At the same time, the price of Bitcoin is building up liquidity on the downside.
According to analyst Josh of Crypto World, Bitcoin is hovering around a previous high of approximately $64,500, but still remains below a significant descending resistance line that has been keeping the price down for over six months. This resistance line is currently just under $68,000, and breaking above this level is important for a more bullish trend on the larger time frames.
Recently, the DXY (U.S. Dollar Index) has seen a bearish move, which is typically positive for Bitcoin. A brief breakdown in the DXY provided a bullish signal, but it bounced back, making things relatively neutral in the short term. However, the overall short-term trend for Bitcoin remains bullish due to the DXY’s weakness.
What’s Next For Bitcoin Price?
On the daily Bitcoin chart, the price has faced multiple rejections from the $64,000 to $64,500 resistance range. To confirm a breakout, Bitcoin needs a daily candle close above $64,500. Ideally, a retest of this level as support would provide extra confirmation. If Bitcoin breaks above this range, the next resistance level is between $67,000 and $68,000, which is a significant area due to previous support and resistance levels and high trading volume.
If Bitcoin can confirm a breakout above $68,000, it would be a strong bullish signal for both the short and long term, potentially leading to a continued bull market. However, for now, Bitcoin is still battling resistance at around $64,500, though it has made slight gains with higher daily candle closes.