Bitcoin Resists at Descending Channel and $64,300 Area
Bitcoin has reached a critical resistance zone after reclaiming its 50-day simple moving average at around $63,250. The cryptocurrency is currently trading near $63,900 and needs to break through the descending channel and $64,300 area to confirm a recovery.
The move above the 50-day SMA has improved Bitcoin's short-term position, but price remains under pressure from the trendline and horizontal barrier.
Analyst Michaël van de Poppe sees a broader recovery target of $85,000 near the 50-week moving average. However, this forecast operates on a wider timeframe than the current daily setup, and Bitcoin still faces its 100-day SMA near $68,466 and its 200-day SMA around $70,809 before reaching this level.
A decline in long-term holder supply has started, which could be a positive sign for the market. However, it is essential to see how price behaves while this supply continues to decline, as sustained movement through the current resistance would indicate that buyers are absorbing the coins returning to circulation without weakening the market structure.