Foreign media, citing analysts, reported that after its recent pullback, Bitcoin is now searching for a new support level in the short term. The market had previously anticipated a return to above $70,000, but failed to break through after the price weakened. The current focus is on whether the support level around $64,000 will hold.
$64,000 becomes a short-term watershed.
The article argues that although Bitcoin's current price is fluctuating around $63,000, $64,000 remains the most important level to watch. If the price can regain and stabilize above this level, market sentiment is expected to improve.
Based on this assessment, if the support level holds, Bitcoin may retest the $69,000 area, representing approximately 7% upside potential from current levels. Conversely, if it fails to hold this area, the short-term rebound expectation may continue to fail.
After failing to recover $70,000, the process shifted to reorganization.
From a technical perspective, Bitcoin's previous rebound has temporarily stalled. The article notes that after turning downwards, the price failed to recover the highly anticipated $70,000 level, a direct reflection of the recent slowdown in bullish momentum.
However, analysts believe that this pullback does not necessarily mean the upward trend has completely ended. The current situation is more like a period of consolidation, and whether the upward trend will resume depends on whether key support levels can be reconfirmed.
Exchange reserves declined slightly
In addition to price performance, the article also mentioned slight changes in on-chain and exchange-related data. Over the past 24 hours, the price of Bitcoin fell by approximately 1.24%, but exchange reserves decreased slightly by 0.02% during the same period.
In market interpretation, a decline in exchange reserves typically means fewer open positions available for immediate sale, potentially easing selling pressure. Based on this, the article argues that this change provides some support for a potential Bitcoin breakout, but the short-term direction still hinges on whether the $64,000 level can hold.
