Bitcoin Rally Tests $64.5K Support as Bulls Eye $66K–$83K
Bitcoin rallied about 4.5% after Tuesday’s US CPI release, pushing BTC above $65,000 before slipping back. Traders are now watching whether Bitcoin can hold the $64,500 support zone.
On the 4-hour chart, BTC appears to be rolling over after piercing $65,000. If $64,500 fails, the price could fall back toward the wedge breakdown area (a possible continuation of the bearish structure). If $64,500 flips to support, the next upside resistance is around $66,000, followed by a potential higher high near $67,250.
On the daily chart, Bitcoin has “poked out” of a falling wedge earlier than expected, raising the risk of a fake-out. However, RSI shows bullish divergence, which can sometimes support upward continuation.
On the weekly chart, BTC is holding above the bull market trendline and the 200-week SMA, and a prior resistance trendline appears to be acting as support. The weekly RSI also shows a larger divergence pattern, with traders speculating that a sustained move could target roughly $83,000 if momentum strengthens.
Overall, the key trading question is whether Bitcoin confirms support at $64,500 (bullish continuation) or rejects it (potential rollover).
Bullish
The article links Bitcoin’s rebound to the positive impulse from the US CPI release and frames the current structure as “support/confirmation vs. fake-out.” Bitcoin strength is consistent with the weekly setup: BTC is above the bull-market trendline and the 200-week SMA, and an earlier resistance trendline is acting as support. That alignment historically tends to favor upside continuation when short-term levels hold.
In the short term, the key level is $64.5K. Similar past patterns—rallies that pierce a wedge then retest—often resolve bullish if support holds and RSI divergences persist. Here, the 4-hour rollover risk and “early breakout” from the daily falling wedge are caution flags, but the daily RSI bullish divergence provides a counterweight.
For traders, this is likely bullish as long as BTC can defend $64,500 and then reclaim/attack $66,000. Failure and a breakdown back through $64,500 would quickly invalidate the bullish path and could trigger a more bearish reversion toward the wedge breakdown area. Over the longer term, if the weekly divergence plays out, the market could see trend continuation toward the cited ~$83K region; otherwise, the move may remain range-bound.