Bitcoin is struggling to climb above $64,000 following the Federal Reserve's latest announcement, which failed to ignite a clear breakout. The cryptocurrency’s price has been consolidating around $64,100 after bouncing from last week’s low near $62,800, but the short-term bearish pattern remains intact.
Technical charts highlight resistance zones between $64,800 and $65,100 where previous highs have clustered. A move above this range could trigger a liquidity sweep, where buy orders get triggered before a sudden reversal drags prices lower. Beyond that, the $65,800 level stands as another potential rejection point, with the strongest hurdle at the weekly high near $66,970. Bitcoin must decisively break and hold above these levels to challenge the current negative momentum.
On the downside, immediate support lies around $62,500 to $62,800. If this area fails, Bitcoin could slide toward the broader demand zone near $60,000 to $60,500. This setup leaves traders caught between resistance overhead and a cluster of sell orders below. The next sustainable trend will likely depend on whether Bitcoin can break free from this range.
A longer-term weekly chart reveals Bitcoin remains trapped under a descending trendline tracing its downward path from the previous peak. It now faces a critical decision point near the low $60,000s where this falling trendline intersects with a long-term rising support. The convergence of these technical factors, combined with weak weekly momentum, raises concerns about a potential deeper drop, possibly below $50,000.
This material is for informational purposes only and does not constitute financial advice.
