Bitcoin Price Struggles Below $64K; Chart Shows Resistance at From $65K Level

The Bitcoin price remains typically unchanged over the last 24 hours, trading at $64,209 as of 1:00 am EST.

BTC price has been coiling up below the 50-day exponential moving average over the last two days.

The size of the last two candlesticks on the daily chart over the last two days suggests an ongoing battle between the buyers and the sellers. This is supported by the sideways movement of the MACD, suggesting that that buying and selling pressure is balancing out.

Bitcoin price faces stiff resistance on the upside

BTC's flash crash on Wednesday April 23 saw the big crypto lose a key support level at $64,700, embraced by the 50-day simple moving average.

Renowned BTC price analyst Rekt Capital spotted BTC price trading at $63,190 with sell-side rejection remaining at the $65,600 resistance .

This sentiment was supported by on-chain data from IntoTheBlock which shows that Bitcoin faces stiff immediate resistance at $4,500 area. According to its In/Out of the Money Around Price (IOMAP) model, this level is within the $64,235 and $65,830 price range where approximately 835,900 BTC were previously bought by 1.54 million addresses.

Bitcoin IOMAP chart. Source: IntoTheBlock

Bulls are required to flip this level back into support in order to continue the uptrend. From a technical perspective, this would mean producing a daily candlestick close above the 50-day EMA at $64,636.

If this happens, it would mean that the bulls have won the ongoing battle with the next line of resistance arising from the $65,700 level. Key levels to watch above this are the $70,000 and $72,000 psychological levels and later the all-time high at $73,835.

TradingView Chart: BTC/USD daily chart

Failure to reclaim the 50-day EMA would mean that the market conditions still favour the downside. As such, BTC could drop below the ascending trendline first  toward the $60,000 psychological level and later to the 100-day EMA at $59,714.