Bitcoin Re-tests the $64,400 Resistance Level—A Key Battlefield for Bulls and Bears

After bottoming out around $61,500 and rebounding, Bitcoin has continued to repair its losses and is once again approaching the key resistance zone where the previous high-volume trading area of $64,200–$64,400 overlaps with the 0.618 Fibonacci retracement level. This region is not only the “sell wall” where prices have repeatedly surged and then pulled back in recent sessions, but it also corresponds to the average cost range of short-term holders ($64K–$68K), with relatively concentrated pressure to break even and sell.

From a technical perspective, the 4-hour chart has formed a rebound structure with higher lows. The MA10/MA20 golden cross is trending upward, and the RSI is hovering around 60, indicating short-term bulls have the upper hand. However, if the price re-tests $64,400 without a clear surge in volume to support it, it will most likely face rejection and pull back. The first support to watch is $63,400; if that breaks, the next focus is the lower edge of the $62,200–$62,500 consolidation box. Conversely, if the daily candlestick closes firmly above $64,500–$65,000, it will confirm a breakout from the descending channel and activate a double-bottom setup. The mid-term targets could then be $66,500–$68k.

The fundamental variables hinge on U.S. spot Bitcoin ETF fund flows and the strength of the U.S. dollar index. Recently, news that some institutions reduced holdings has caused sentiment fluctuations, and the Coinbase premium remains weak, suggesting that domestic U.S. buying still needs confirmation. In terms of strategy, avoid chasing; wait for a clear price reaction at the resistance level (such as heavy upper wicks indicating rejection pressure or a volume-backed breakout) before taking action, and set a strict stop-loss.