Bitcoin Faces Brief Resistance After Recent Rally, What Next?

• Bitcoin price declined by 0.61% in the last 24 hours, trading at $64K.
• The BTC market sentiment is in the greed zone, the fear and greed index at 61.

Bitcoin (BTC), the leading cryptocurrency, is marginally between the bearish and bullish zones. It is trading above $64K, declining at 0.61% in the last 24 hours. Following the price dip, the global crypto market dropped by 1.06%, returning to $2.37 trillion.

Bitcoin’s price action might be backed by speculation about Trump regarding the election and the assassination incident. Notably, Mt. Gox transfers and the German government’s BTC sell-off were the factors that caused the BTC price dip previously. Currently, Mt. Gox is under suspicion of a cyber attack as numerous brute force attempts are noticed on the accounts and the website is under maintenance. 

On the other hand, the spot Bitcoin exchange-traded fund (ETF) and the US spot ETFs noted a total net inflow of $53.35 million. The total net asset value stands at $58.15 billion. Meanwhile, the liquidation of Bitcoin is noted at $36.20 million, followed by Ethereum at $21.59 million. 

Is the Nearby Resistance Breakable? 

The price chart of Bitcoin over the past month reveals that it has passed through various resistance and support levels. The asset was down substantially, hitting a monthly low of $53,905. 

Over the past week, BTC showed a surge of 11.66%, from $56,612 to $66,066. At press time, the asset traded at $64,852, with a market cap of $1.28 trillion. Meanwhile, the daily trading volume has dropped by 24.25%, to $29.50 billion, as per CMC data.

Currently, the fear and greed index is noted at 61, suggesting greed in the market. Meanwhile, the daily relative strength index (RSI) stands at 60.03, indicating that BTC is in the neutral zone. The short-term 9-day moving average (9MA) is noted at $61,285, and the 21-day moving average (21MA) stays at $60,182. The values are seen below the current price action, which suggests BTC is in bullish momentum. 

BTC Price Chart (Source: TradingView)

If the Bitcoin price surpasses the initial resistance at $65,379, it is expected to target a high of $66,006. Conversely, if BTC can’t hold above the initial resistance, it may decline to $64,022. A further price drop might take the asset into the range of $63,499.

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