Bitcoin tests the 64,366 dollar resistance again! What is the key level investors are watching?

Bitcoin is once again attempting to break through a critical resistance area in the short-term technical setup. The latest price movement suggests a retest from below of the ascending wedge pattern, which had previously been breached to the downside. According to analysts, the outcome at this stage could determine whether the recent recovery continues or stalls.

Short-term focus: 64,366 dollar level under watch

A one-hour BTC/USD chart shared by Man of Bitcoin reveals that the price is now testing the former wedge support as a new resistance. This pivotal level stands at 64,366 dollars. The technical outlook suggests that the initial downward break has been completed, and Bitcoin is currently pressing up against this structure from below.

Mini glossary: An ascending wedge is a chart pattern in which the price rises within a narrowing band. A Fibonacci extension is a technical indicator used to identify potential future support or resistance levels.

Analysis indicates that a sustained move above 64,366 dollars could weaken the bearish impact of the wedge breakdown. Should this happen, the next significant target is positioned at 66,183 dollars. This level marks the 100 percent Fibonacci extension and is regarded as the new short-term resistance zone.

Conversely, if Bitcoin fails to reclaim 64,366 dollars, this would confirm that the retest is functioning as resistance. In this scenario, the likelihood of the price retreating back toward nearby Fibonacci-based support zones would increase.

Main resistance band: 65,000 to 67,000 dollars draws attention

Looking at a wider timeframe, analysts note that the overall technical picture has not fully deteriorated. In a daily chart shared by SuperBitcoinBro, Bitcoin remains above both the 200-period simple moving average on the weekly chart and the February lows. Notably, the price also closed above Friday’s peak.

The analyst further argues that several bearish setups, such as bear flags, bearish pennants, and the ascending wedge previously identified, have yet to deliver their expected outcome. The chart highlights that Bitcoin is holding steady above both the weekly 200 SMA and the monthly 50 SMA. These two indicators are widely used to monitor the strength of the longer-term trend.

Nonetheless, it is the 65,000 to 67,000 dollar range that stands out as the primary resistance band for Bitcoin. This zone is notable as it represents the intersection of the previous swing low and the “point of control” (POC), a level associated with high trading volume. According to the analysis, if the price convincingly breaks through this region, the bearish scenario could weaken significantly, signaling the continuation of a broader bullish trend.

On the other hand, failure to overcome this area could mean that Bitcoin will continue trading sideways for some time. As a result, market participants are closely watching whether Bitcoin can reclaim 64,366 dollars in the short term and whether sellers will reassert themselves within the 65,000 to 67,000 dollar resistance band.

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