Bitcoin’s price is maintaining pressure after a steep rejection from $75,000, and is currently consolidating price just under Support at $64,000. Both short-term momentum has weakened, and the consistent downward price movement would indicate that a clear macro bottom is not yet indicated from the majority of on-chain metrics available.
Bitcoin continues to have the largest market share of all digital assets. At press time, BTC is currently trading at $64,096.65 with a decrease of 1% over the past 24 hours.
BTC Defends $64K as Bearish Momentum Slows
On the TradingView chart, BTCUSDT is currently consolidating price just above the horizontal support at $64,000. The breakdown occurring at the $75,000 resistance zone led to an increase in selling pressure and has led the BTC price to the current demand level.
While RSI is currently sitting close to the oversold zone, it has not provided a strong signal of divergence yet. Also, MACD remains in bearish territory; although the histogram bars are becoming fewer, indicating that bearish momentum may be slowing.
The first increase of $67,600 would open up the path for a retest of $75,000. But a breakdown below $64,000 would open the path for a retest of $60,000.
Also Read: Bitcoin (BTC) Order Flow Flips Negative as Sellers Gain Upper Hand
MVRV Above Zero Signals No Macro Bottom Yet
The recent post by analyst Ali charts that track the crypto markets, has stated that whenever the MVRV Z-Score has fallen below zero is the last time that Bitcoin has formed a macro bottom.
Right now, MVRV Z-Score is close to 1.00, so according to what has traditionally been a bottom indicator, it is confirming that this still may be some time away from continuing to trend higher.
In conclusion, while Bitcoin is currently consolidating around an important technical area, both on-chain metrics and other indicators suggest that confirmation of a macro bottom has yet to be established.
Traders now have their eyes on whether or not the price will hold above $64,000 over the next few days.
Also Read: Bitcoin (BTC) Slips Below $63K as US–Iran Tensions Weigh on Risk Assets
