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$BTC has officially broken below $64,000, shifting short-term market structure to the downside. Sellers are now putting pressure on the $63,000 decision point
The Breakdown
$64,000 Broken Previous support flips into immediate resistance.
$65,700 Rejected Bears defended the range highs multiple times.
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Bitcoin rallied strongly following the softer-than-expected US inflation data, reaching our $65,700 major resistance before seeing some profit-taking.
So far, there's nothing unusual about this move.
After a strong rally, it's common to see traders lock in profits while the market tests whether buyers are willing to absorb that selling pressure. That's exactly what we're seeing now.
The important thing is that Bitcoin is still holding above the $64,000 support/resistance flip.
As long as this level continues to hold, the overall market structure remains constructive.
The next major test is still $65,700. A confirmed breakout above this level would be a strong technical signal and could open the door for another leg higher.
If Bitcoin loses $64,000, we'd expect a move back towards $63,000, where previous support sits. Below that, $61,000 remains the next major level, followed by the stronger demand zone between $59,000 and $59,500.
Within the last 12 hours, #bitcoin briefly pushed above $65,000 before pulling back to around $64,600.
From our perspective, this isn't a sign of weakness. In fact, it's a healthy reaction after such a strong move.
The key level remains $64,000.
After acting as resistance for over a week, Bitcoin is now attempting to turn it into support. That's exactly what we want to see if this breakout is going to have any real conviction.
The next major resistance sits around $65,700. A sustained move above that level would strengthen the current market structure and significantly improve the probability of another leg higher.
That said, this is still a crucial area.
If Bitcoin loses $64,000, buyers risk giving up the breakout, opening the door for a move back towards the $63,000 region, where we'd expect demand to be tested again.
For now, the trend remains constructive.
As long as $BTC continues holding above $64,000, the bulls remain in control. The next 24-48 hours should tell us whether this is the beginning of a continuation higher or simply a temporary breakout before another retest.