Bitcoin’s price fell to around $64,600, stirred by weakness in U.S. stocks, but the rebound that began early July is making a comeback.
On the 4-hour chart, Bitcoin bounced off a short-term trendline, pushing above the key resistance at $65,600. Holding above this level is key for bulls aiming to maintain momentum.
The next target is a higher high just shy of $67,000, and potentially reaching $67,250 to break the mid-June peak. Failure to build on this could see the price slip back into the ascending channel, turning current gains into a fakeout.
From the daily perspective, Bitcoin sits at a key juncture. The price recently broke out of a descending channel and seems poised to retest levels above $65,600. Success here could drive a new surge higher.
However, if Bitcoin falls below the combined support from the channel top and the short trendline, expect a drop toward the bull market trendline. This could mark a revisit to the lower channel boundary, raising the risk of a bear market low.
Looking further ahead, a weekly close above $65,600 would leave Bitcoin room to rally past $73,000, the next major resistance.
Whales reportedly loaded up when prices dipped below $60,000. Meanwhile, US Spot Bitcoin ETFs are seeing renewed inflows after a period dominated by outflows, as observed in July’s buying streak.
Market watchers remain cautious though, as U.S. tech giants Tesla and Google tanked on earnings, shaking investor confidence. Poor AI sector results may weigh on the stock market, which could undermine Bitcoin’s ability to sustain the rally. The S&P 500’s behavior in the coming days will be critical.
