BTC Eyes Bullish Reversal as $64K Support Holds Firm
Bitcoin is showing signs of renewed bullish momentum after spending several weeks consolidating above its June lows. The digital currency has formed a sequence of higher lows, indicating growing demand and suggesting sellers are losing some of their previous dominance.
The daily BTC/USDT chart reflects a notable improvement in market structure compared with the sharp declines seen earlier this summer. Bitcoin has managed to hold above its 20-day and 50-day moving averages, marking an important technical improvement.
The 20-day moving average is beginning to trend upward, while the 50-day moving average has flattened after declining for several months. Momentum indicators are also improving, with Bitcoin's Relative Strength Index (RSI) having climbed above the neutral 50 mark to approximately 53.