Bitcoin is hovering near $65k as the market assesses post-halving terrain

The live Bitcoin price today is hovering around $64,968.96, with a 24-hour trading volume of $21,756,623,791. Bitcoin’s value has risen 2.03% in the past day amid market-wide liquidations. Despite a weekly decline of 4.5%, the cryptocurrency has shown resilience and recovered with a narrow intraday range between $63,161 and $64,968. This signals cautious optimism as Bitcoin deals with the aftermath of the recent halving.

Bitcoin Halves Impact and Technical Outlook

Bitcoin’s halving at block height 840,000 marked a major milestone, pushing transaction fees up to $240. This has intensified the tug-of-war between supply shortages and rising costs, creating a volatile trading environment. In the short term, the technical indicators show a mixed picture.

Market liquidity has seen a shakeup over the past day with over $100 million in liquidations, indicating high volatility and active trading conditions. Bitcoin’s market dominance fell slightly this week by 2.3%, while altcoins increased their market share by 7.9%, reflecting a shift in investor interest towards the broader altcoin market.

The current BTC price is showing a solid recovery from the lower $63,000 to a standing position above $65,000. The bears are defending resistance at $66,000, but continued buying at lower levels signals increasing interest. If buyers break resistance, a move towards $70,000 could be imminent, testing record highs. Alternatively, a bearish push below the moving averages could see BTC consolidate between $65,000 and $60,000 for some time.

Bitcoin Tests Key Resistance Levels During Market Recovery

In the aftermath of the halving, Bitcoin’s corrective sentiment has not deterred holders as even small price shifts could cause substantial movements in altcoins’ valuations due to their increasing dominance. In the daily time frame, Bitcoin has shown signs of recovery from the recent low of $59,629. The price action is now printing green candles, indicating bullish momentum. This uptrend is supported by the fact that the price is currently above the vital psychological level of $60,000. Furthermore, a consistent position above this level could boost buyer confidence, increasing the likelihood of testing higher resistance zones.

The technical setup on the daily chart indicates a potential bullish reversal pattern. However, the price is still below the crucial resistance level at $65,000, a break above could confirm this reversal.

On the latest 4-hour chart, Bitcoin (BTC/USD) is testing the resistance zone around $66,117, after recovering from the support area around $63,996. The current trading price is around $64,968, reflecting a complicated dance between bullish and bearish forces within this range.

The moving averages provide a layered perspective, with the 50-period moving average (MA) of $64,945.8 providing immediate resistance. The 100-period MA, slightly higher at $68,060.3, marks a significant resistance level that has yet to be broken in this session. Meanwhile, the 200-period MA is at $63,120.0, providing key support for recent price action.

The Relative Strength Index (RSI) currently stands at 42.74, indicating a neutral stance, but leaning towards bearish sentiment as it is below the 50 midline. This suggests that while selling pressure has been intense, there is still potential for a reversal to a bullish trend should the RSI break above 50.

The Moving Average Convergence Divergence (MACD) shows a bearish crossover, with the MACD line crossing below the signal line, marked by the histogram at -127.9. This indicates a momentum shift in favor of the bears, but the proximity to the zero line suggests that bearish momentum is not overwhelmingly strong at this point.

As traders monitor BTC/USD’s interaction with these technical levels, the 4-hour chart indicates that the $64,000 to $66,000 range is crucial. A convincing break and hold above this range could signal a stronger bullish upswing, while if these levels are not overcome, Bitcoin could seek support at lower prices.