Bitcoin Technical Analysis – H1
Bitcoin has reached a dense supply zone at $64,500–64,700 on H1. A rejection and decline toward $63,000 looks highly probable, while a breakout above this barrier would significantly improve the bullish outlook.
Price has approached a highly challenging resistance zone at $64,500–64,700, where a dense supply area was previously formed. There is a strong probability of renewed selling pressure and a subsequent decline toward the $63,000 area.
On the other hand, a successful breakout by the bulls through this difficult barrier would sharply alter the current technical picture.
Key Levels:
□ Resistance $65,500
□ Resistance $64,500–64,700
□ Support $63,000
Primary Scenario
Test of the $64,500–64,700 zone, followed by a sharp reversal lower.
Alternative Scenario
Breakout toward $65,500.
Analyst Commentary:
Positional advantage remains with the bears.
Nikolai Krishtopov is a Market Analyst at Investizo with more than 15 years of experience in the financial markets industry and over a decade of trading experience. His areas of focus include forex and crypto markets, technical analysis, intraday trading and market behaviour.