- Bitcoin tests heavy resistance near $64K as sell orders cap breakout attempts again.
- Break above $65K could clear the path for Bitcoin to challenge $68K in the near term.
- Monthly signals suggest a bottoming phase similar to prior cycle recoveries before the next run.
Bitcoin continued its recovery this week, climbing above $63,500 as traders weighed conflicting signals from technical indicators and market structure. While the cryptocurrency has gained more than 7% over the past seven days, several analysts believe the current rally faces a critical test near major resistance levels. Market participants now focus on whether Bitcoin can extend its advance toward $68,000 or face another decline before establishing a stronger long-term uptrend.
Resistance Zone Draws Market Attention
PrecisionTrade3 believes Bitcoin remains in the middle of a larger corrective structure. According to the analyst, Wave 3/C/4 continues to develop and could target the macro 0.5 Fibonacci level near $64,400. Consequently, traders should monitor this area closely because strong selling pressure may emerge.
The analyst also expects the current subwave four to remain relatively shallow. Moreover, the broader Wave C structure aligns with another key Fibonacci resistance level near $66,300. If Bitcoin reaches that region, market participants could receive additional confirmation regarding the next directional move.
Besides technical wave projections, order-book activity highlights growing pressure from sellers. TedPillows noted that large sell orders have appeared between $64,000 and $65,000. This concentration of supply has repeatedly prevented Bitcoin from securing a decisive breakout above the range.
Analysts Watch for Breakout or Retest
TedPillows argues that Bitcoin remains at a crucial crossroads. A successful move above the $64,000-$65,000 resistance zone could open the path toward $68,000. However, repeated rejection from this area would likely increase the probability of another decline toward $60,000.
Significantly, recent trading activity shows buyers still attempting to challenge overhead resistance. Although momentum has improved, bulls have yet to demonstrate enough strength to absorb the substantial sell orders positioned above current prices.
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Long-Term Bottoming Structure Emerges
Meanwhile, Niels focuses on Bitcoin’s broader monthly trend rather than short-term price fluctuations. The analyst believes Bitcoin may be entering a historical bottoming phase that resembles previous market cycles.
Similar moving-average signals appeared during the bear market recoveries of 2015, 2018, and 2022. In each case, Bitcoin spent months consolidating before launching a sustained bullish advance. Currently, Bitcoin trades below major moving-average resistance between $79,800 and $82,500.
Niels identifies immediate support around $59,000. Additionally, the analyst sees a deeper capitulation zone between $50,000 and $55,000 if another market-wide selloff occurs. Hence, a final pullback could create an opportunity for long-term investors seeking accumulation before the next major cycle begins.
For now, Bitcoin’s battle near $64,000 remains the market’s primary focus. Whether bulls break through resistance or revisit lower support levels may determine the cryptocurrency’s direction during the coming months.
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