As Bitcoin approaches an important resistance area in the short term, market experts warn that the rise may be a reaction rather than a permanent bottom. In particular, the range between 62 thousand and 64 thousand dollars stands out as a critical threshold in terms of direction determination.
The $64,000 region is being watched closely
On the four-hour chart, Bitcoin appears to be based on multiple resistance levels. The $61,866, $62,877 and $64,755 levels are among the prominent barriers in the short term. The 200 EMA in the same time frame is also located at around $64,167, which increases the technical importance of the area around $64,000.
Altcoin Sherpa emphasizes that the general outlook of the market still points to band movement, weak sessions can be seen after a few strong days, and therefore the $64,000 region stands out as the main monitoring area.
Altcoin Sherpa states that Bitcoin may experience a retreat in one of these resistance zones, but it is not yet clear at what exact level the rejection will occur. According to the analyst, the main area to pay attention to is around $64,000, where the 200 EMA and close resistances coincide.
Although there is an upward trend in the short-term moving averages, Bitcoin has not yet been able to settle above the resistances that stand out in the higher time frames. This outlook indicates a choppy and unstable price structure rather than a clear breakout.
| technical level | Value | Importance |
|---|---|---|
| initial resistance | $61,866 | Near-term selling pressure area |
| second resistor | $62,877 | Intermediate threshold for the continuation of the rise |
| Main resistance zone | $64,000 to $64,755 | Critical area strengthened by 200 EMA |
The possibility of the rise turning into a bull trap is being evaluated
Another analyst, Kaz, thinks that the recent recovery does not confirm a permanent bottom. Noting that Bitcoin turned upwards after the liquidity clearance around 58 thousand dollars, the analyst states that the price is now moving to higher resistance areas, the first target area is the lower region of 62 thousand dollars, and the extended retest area is between mid-63 thousand dollars and 64 thousand dollars.
Kaz thinks that the latest rise may be a reaction movement following the weak monthly close, and that the selling pressure that may occur in existing resistance areas may adversely affect investors who expect a bottom in the market.
There are two possible rejection zones in the analyst’s scenario. The former is marked as the high-volume trading zone and initial target area, while the latter stands out as the extended retest zone higher up. If Bitcoin fails in one of these areas, the price is expected to head back to the lower $50,000 band.
Kaz assesses that such a move could turn into one of the bigger bull traps of the current cycle. Such a pullback could lead to a clearing of overleveraged positions and set the stage for a more meaningful recovery, according to the analyst.
The choppy outlook remains for July
It is stated that volatility continues in the general outlook. Kaz states that fluctuating price movements may continue throughout July, but it is still possible for the month to close in a positive direction. While the analyst points out that the monthly opening level is close to the current broad band, he notes that a weaker course may be seen in August and the bottom formation may come to the fore in this period.
The main determining factor in the short term will be whether Bitcoin can maintain its reaction rise. If the sellers gain weight in the marked areas again, the possibility that the current rise will remain a temporary move before a deeper retracement may increase.
