1. Market Overview
Bitcoin (BTC) is struggling to break above the $67,000 level after the Bank of Japan raised its interest rate to 1% on Tuesday. However, Uniswap (UNI) and Worldcoin (WLD) continue to gain momentum as retail interest increases, while Bitcoin’s recovery momentum remains strong.
2. Technical Analysis
a. Market Structure
* BTC experienced a strong rally from the $60,000 area toward nearly $67,000, indicating that the previous short-term trend remained bullish
* However, as price approached the Supply Zone around 67,000–67,300, strong selling pressure appeared and triggered a correction.
* Currently, BTC has returned to test the Demand Zone around 64,700–65,000, which is a key area that could determine the next market direction.
b. Current Price Action
* On the H4 timeframe, BTC is forming a corrective pattern with a 5-wave decline based on Elliott Wave theory.
* The price has completed the initial bearish waves and is approaching the potential end of wave (5) around the 64,700 area.
* This zone also aligns with:
Demand Zone
Previous support area
Important Fibonacci retracement level
➡️ This could become an area where buyers step back into the market.
c. Key Price Levels
🟢 Support Levels:
* 64,500 – 64,800:
The nearest support zone and a key area determining the possibility of a recovery.
* 63,300:
Fibonacci 2.618 level, acting as the next support if BTC breaks below the Demand Zone.
* 62,100:
A deeper support area around the Fibonacci 3.618 level.
🔴 Resistance Levels
* 65,500 – 65,800:
The first resistance zone BTC needs to overcome to confirm a recovery.
* 67,000 – 67,300:**
A strong supply zone where BTC may face renewed selling pressure.
d. Trading Scenarios
📈 Bullish Scenario
* If BTC holds the 64,700–65,000 support zone and shows reversal signals, price could recover toward:
* First target: 65,500–65,800
* Next target: 66,500–67,000
📉 Bearish Scenario
* If BTC breaks below 64,700 and closes firmly underneath, the recovery structure will weaken.
* In this case, BTC could continue lower toward:
* 63,300
* 62,100
3. Outlook
BTCUSD on the H4 timeframe is entering an important support zone after a correction from the Supply Zone.
A successful defense of the 64,700–65,000 area could create the foundation for a new recovery wave. However, if the Demand Zone is broken, selling pressure may push BTC toward lower support levels.
Wishing you a successful trading day
Bitcoin (BTC) is struggling to break above the $67,000 level after the Bank of Japan raised its interest rate to 1% on Tuesday. However, Uniswap (UNI) and Worldcoin (WLD) continue to gain momentum as retail interest increases, while Bitcoin’s recovery momentum remains strong.
2. Technical Analysis
a. Market Structure
* BTC experienced a strong rally from the $60,000 area toward nearly $67,000, indicating that the previous short-term trend remained bullish
* However, as price approached the Supply Zone around 67,000–67,300, strong selling pressure appeared and triggered a correction.
* Currently, BTC has returned to test the Demand Zone around 64,700–65,000, which is a key area that could determine the next market direction.
b. Current Price Action
* On the H4 timeframe, BTC is forming a corrective pattern with a 5-wave decline based on Elliott Wave theory.
* The price has completed the initial bearish waves and is approaching the potential end of wave (5) around the 64,700 area.
* This zone also aligns with:
Demand Zone
Previous support area
Important Fibonacci retracement level
➡️ This could become an area where buyers step back into the market.
c. Key Price Levels
🟢 Support Levels:
* 64,500 – 64,800:
The nearest support zone and a key area determining the possibility of a recovery.
* 63,300:
Fibonacci 2.618 level, acting as the next support if BTC breaks below the Demand Zone.
* 62,100:
A deeper support area around the Fibonacci 3.618 level.
🔴 Resistance Levels
* 65,500 – 65,800:
The first resistance zone BTC needs to overcome to confirm a recovery.
* 67,000 – 67,300:**
A strong supply zone where BTC may face renewed selling pressure.
d. Trading Scenarios
📈 Bullish Scenario
* If BTC holds the 64,700–65,000 support zone and shows reversal signals, price could recover toward:
* First target: 65,500–65,800
* Next target: 66,500–67,000
📉 Bearish Scenario
* If BTC breaks below 64,700 and closes firmly underneath, the recovery structure will weaken.
* In this case, BTC could continue lower toward:
* 63,300
* 62,100
3. Outlook
BTCUSD on the H4 timeframe is entering an important support zone after a correction from the Supply Zone.
A successful defense of the 64,700–65,000 area could create the foundation for a new recovery wave. However, if the Demand Zone is broken, selling pressure may push BTC toward lower support levels.
Wishing you a successful trading day
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.