Bitcoin Stabilizes at $64K But Bull Run Remains Elusive
Despite its recent stabilization around $64,000, Bitcoin's market conditions are not yet ripe for another bull run. The price structure and general market indicators suggest that the cryptocurrency is still trying to find a bottom rather than moving into a long-term bullish phase.
The technical structure of Bitcoin is a significant issue. With the 50-day moving average at $64,122 and the 100-day average at $66,682, Bitcoin is currently trading close to $64,000. As a result, the price is still stuck around short-term resistance, while the 200-day moving average, which is far more significant, is at about $72,017.
The overall trend remains negative due to this arrangement. After declining from above $120,000, Bitcoin has been making lower highs for months, and the recovery from June's sub-$60,000 low has so far turned into consolidation rather than a clear trend reversal. Momentum also provides minimal confirmation, with Bitcoin in neutral territory with a daily RSI of about 49.6.
While buyers are not as weak as they were during the June sell-off, there is no strong momentum expansion at the moment that could validate a breakout. This caution is reinforced by CryptoQuant's wider indicator heatmap, which shows that many technical and valuation metrics are still considered bearish.