Bitcoin Holds Key Support Level, Eyes $65,000 Run
Bitcoin has tested the crucial $63,300 support level and received strong buying pressure, according to trader Michaël van de Poppe. He believes this confirms essential support for higher prices and is now targeting a continuation towards $65,000.
The price of Bitcoin currently sits at $63,536.62 on the 4-hour chart within a bearish structure defined by its EMA50 at $63,551.37 and EMA200 at $63,693.04.
However, the MACD golden cross at -34.39 signals building bullish pressure. Additionally, the price is pressing against the upper Bollinger band resistance at $63,569.88 while maintaining a neutral RSI reading of 55.39.
Van de Poppe emphasizes that a clean rejection at this level would favor a measured pullback to the 50-EMA support zone before any sustained push higher, which aligns with the observed quick defense of the $63,300 level and reduces the odds of a sweep below $62,200.