Bitcoin is currently trading at $63,554, following a fluctuating 24-hour range between $62,479 and $64,687. Key technical indicators show mixed signals, with consolidation after recent resistance at $64,730. Traders are watching closely for potential entry points as market indecision sets in across multiple timeframes.
 

Bitcoin is dropping

On the 1-hour chart, Bitcoin (BTC) appears to be losing steam after hitting the key resistance level of $64,730. Since then, price action has mostly been sideways, consolidating around $63,500. The rejection at $64,730, along with decreasing trading volume, suggests a potential weakening of bullish momentum. Traders should keep an eye on the $62,500 support level, which could present a short-term entry opportunity if confirmed by a surge in volume.


The 4-hour chart reflects similar behavior, with bitcoin consolidating between $63,500 and $64,000 after an initial rally from $59,000. A bearish downturn followed by indecisive price action underscores market uncertainty. With high volume driving the rally to $64,000, the recent tapering in volume may suggest a weakening buying interest.


Shifting to the daily chart, Bitcoin's overall uptrend remains strong, with solid support established between $60,000 and $61,000. The price has risen from early September lows of $52,546 to test highs near $65,000. A breakout above the resistance level of $64,730 could spark additional upward momentum, targeting $65,000 and beyond. However, the decline in volume since mid-September suggests that buying pressure may be waning.

Oscillators are showing mixed signals. The relative strength index (RSI) is at a neutral 63, indicating neither overbought nor oversold conditions. In contrast, the Stochastic and Commodity Channel Index (CCI) both suggest bearishness, pointing to potential short-term retracements. Momentum indicators, such as the Awesome Oscillator and Moving Average Convergence Divergence (MACD), present differing views, with the MACD hinting at a possibly bullish signal.

Additionally, Bitcoin’s moving averages (MAs) indicate strong support for the ongoing uptrend. The 10, 20, 50, and 100-period exponential and simple moving averages (EMA & SMA) all reflect optimism, bolstering bullish sentiment. The exception is the 200-period SMA, which signals caution with a sell indication at $63,922 as Bitcoin approaches key resistance levels.
 

Bull Verdict:

Bitcoin's robust upward trend and support from key moving averages indicate that a breakout above $64,730 could pave the way for new highs, with targets of $65,000 and beyond. If the market picks up momentum and buying volume rises, Bitcoin may sustain its bullish trajectory, bolstered by favorable moving averages and a strong support level around $61,000.
 

Bear Verdict:

A failure to breach the $64,730 resistance, along with decreasing volume and sell signals from oscillators, suggests a potential short-term pullback. If Bitcoin drops below $62,500, we could see further declines toward the $60,000–$61,000 support zone, as the market exhibits signs of exhaustion and uncertainty.
 

When considering shares, indices, forex (foreign exchange) and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and could result in capital loss. 

Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice.