Bitcoin Faces Critical Support as Buyers Defend the 64,800 ZoneBitcoin / U.S. dollarBITSTAMP:BTCUSDFM-ForexMastermind1. Market Overview Bitcoin (BTC) is struggling to break above the $67,000 level after the Bank of Japan raised its interest rate to 1% on Tuesday. However, Uniswap (UNI) and Worldcoin (WLD) continue to gain momentum as retail interest increases, while Bitcoin’s recovery momentum remains strong. 2. Technical Analysis a. Market Structure * BTC experienced a strong rally from the $60,000 area toward nearly $67,000, indicating that the previous short-term trend remained bullish * However, as price approached the Supply Zone around 67,000–67,300, strong selling pressure appeared and triggered a correction. * Currently, BTC has returned to test the Demand Zone around 64,700–65,000, which is a key area that could determine the next market direction. b. Current Price Action * On the H4 timeframe, BTC is forming a corrective pattern with a 5-wave decline based on Elliott Wave theory. * The price has completed the initial bearish waves and is approaching the potential end of wave (5) around the 64,700 area. * This zone also aligns with: Demand Zone Previous support area Important Fibonacci retracement level ➡️ This could become an area where buyers step back into the market. c. Key Price Levels 🟢 Support Levels: * 64,500 – 64,800: The nearest support zone and a key area determining the possibility of a recovery. * 63,300: Fibonacci 2.618 level, acting as the next support if BTC breaks below the Demand Zone. * 62,100: A deeper support area around the Fibonacci 3.618 level. 🔴 Resistance Levels * 65,500 – 65,800: The first resistance zone BTC needs to overcome to confirm a recovery. * 67,000 – 67,300:** A strong supply zone where BTC may face renewed selling pressure. d. Trading Scenarios 📈 Bullish Scenario * If BTC holds the 64,700–65,000 support zone and shows reversal signals, price could recover toward: * First target: 65,500–65,800 * Next target: 66,500–67,000 📉 Bearish Scenario * If BTC breaks below 64,700 and closes firmly underneath, the recovery structure will weaken. * In this case, BTC could continue lower toward: * 63,300 * 62,100 3. Outlook BTCUSD on the H4 timeframe is entering an important support zone after a correction from the Supply Zone. A successful defense of the 64,700–65,000 area could create the foundation for a new recovery wave. However, if the Demand Zone is broken, selling pressure may push BTC toward lower support levels. Wishing you a successful trading day