Bitcoin price continued to trade in a narrow range on Wednesday, with the world’s largest cryptocurrency holding above key support while facing repeated rejection near the $65,000 level. The decision to move up or down might occur once it manages to break either of the two levels.
At the time of writing, Bitcoin (BTC) was trading at $64,828, showing a 0.83% gain for the past 24 hours. The daily volume of transactions reaches $51.17 billion, while its market cap equals $1.30 trillion, and market dominance is 58.98%.
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Bitcoin Price Faces Strong Resistance at $65K
According to a recent post by crypto analyst Crypto With Gopal, BTC is forming a possible double top pattern on the resistance level of $65,000, where the sellers have managed to stop the movement several times. In his analysis, he states that the $64,400 price level became the crucial support level.
If it fails to hold and breaks through, the probability of further decline towards the $63,800 level will increase. If the price of Bitcoin manages to break above the mentioned resistance, the bearish formation will fail and encourage further growth.
Descending Channel Still Defines the Trend
Though BTC recently recovered from lower price levels, the general chart shows the price moving inside the descending channel, where lower highs and lower lows continue building the whole structure.
As it was stated earlier this week, BTC tested the crucial demand area located between $62,346 and $62,907. Once it did, the buyers stepped in and managed to stop the movement, which suggests the presence of buyers near the bottom boundary of the descending channel.
Technical analysts viewed this reaction as confirmation that selling pressure weakened enough for buyers to regain control, at least in the short term.
The recovery gained momentum after Bitcoin broke above a minor resistance zone between $63,213 and $63,389, creating what chart analysts describe as a Break of Structure (BOS). That breakout shifted short-term momentum upward and opened the door for additional gains.
Key Price Levels Could Shape Bitcoin’s Next Move
Following the breakout, Bitcoin advanced toward its first upside objective near $64,488, which also aligns with the upper boundary of the descending channel.
Analysts suggest that maintaining a price above this level could create room for a move toward the next major resistance between $66,800 and $66,947. However, reaching that zone may require Bitcoin to first clear the psychological $65,000 barrier that has limited recent rallies.
If Bitcoin instead loses support and closes below $62,346, the bullish setup would be cancelled, signaling that the broader downward channel remains in control.
What Comes Next?
For now, Bitcoin price remains caught between strong resistance near $65,000 and solid support above $62,300. As long as the price stays inside this range, short-term volatility may continue without establishing a clear trend.
The next major signal will likely come from a decisive move outside these boundaries. A sustained break above resistance could shift momentum toward the $66,800-$66,947 area, while a drop below key support would strengthen the case for another leg lower.
Until then, Bitcoin’s ability to defend support while challenging overhead resistance will remain the central focus for the cryptocurrency market.
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