BTC Eyes Major Bounce After Testing Key Support, Could Bitcoin Reclaim $64K Soon?

• Bitcoin faces strong resistance at $64,682, with a bearish trend pointing toward a potential decline to $47,000.
• Key support levels near $47,442 could be tested soon as Bitcoin’s price remains vulnerable to further downward pressure.
• Bearish momentum persists as Bitcoin trades below its 50-day and 200-day moving averages, signaling continued market weakness.

Bitcoin (BTC) has faced notable resistance over the past weeks, trading at $57,218.06 with a 1.40% increase in the past 24 hours. Despite this slight uptick, analysts highlight a bearish outlook for the cryptocurrency in the short term. A potential bounce from current levels may temporarily ignite bullish sentiments, though a larger sell-off could follow, driving prices toward $47,000.

Strong Resistance Ahead

Currently, Bitcoin is encountering resistance near $64,682.27 and $61,049.35. These levels have proven difficult to break in recent months, contributing to the downward trend. The price has been consistently lower, with a descending trendline marking the weakening market. If the price fails to reclaim these resistance levels, a further decline may occur, dragging Bitcoin toward lower support levels.

Key Support Levels Hold the Spotlight

Support levels at $47,442.12 and $44,053.33 are in focus as Bitcoin shows signs of vulnerability. Notably, the price is expected to test these key areas, with potential buying activity concentrated around the $47,000 mark. A grey wavy line illustrates a projected movement that could bring Bitcoin close to $44,000, with limited chances of recovery unless support holds strong. This range is seen as a crucial defense line for Bitcoin’s price stability.

Moving Averages Signal Bearish Momentum

Analyzing Bitcoin’s 50-day and 200-day moving averages, the trend appears bearish. The 50-day moving average is currently tracking the price closely, while the 200-day moving average offers a longer-term view. In early September 2024, Bitcoin traded below both these moving averages, with no immediate signs of a reversal. 

Notably, recent death crosses, where the 50-day MA crosses below the 200-day MA, indicate further bearish momentum. This suggests that Bitcoin could face continued downward pressure, with support levels playing a critical role in determining the market’s next moves.