Bitcoin eyes $67,000 target as support at $63,600 faces key test

Shifting momentum: Moving averages signal emerging bullish trend

Currently, Bitcoin trades above its key moving averages, with the four-hour chart moving closer to a potentially bullish alignment. The 50-period moving average stands at approximately $63,580, while the 100- and 200-period moving averages are clustered between $62,600 and $62,800. This range forms an important technical support area where buyers may look to enter if the price declines further.

Shorter-term moving averages are beginning to curve upward after an extended period of bearish alignment, suggesting that short-term momentum is gradually improving. A potential bullish crossover could reinforce a recovery narrative, but Bitcoin must continue to trade above these average levels for confirmation of the trend shift.

If Bitcoin manages to rebound from the $62,600-$63,600 region, its first resistance test will likely appear near $65,000. A successful move beyond $65,000 could open the path to the upper boundary of the recent trading range around $67,000.

However, if Bitcoin falls below its cluster of moving averages, the chances of a bullish realignment would decrease, weakening the technical setup. A decisive drop under $62,000 would bring the broader support zone at $60,000 back into focus as the next target for sellers.

Failed move above $65,500 exposes lower targets

After briefly clearing the liquidity zone at $65,500, Bitcoin was unable to sustain momentum and has returned toward the previous range high near $64,666. This move is considered by market analysts as a potential liquidity sweep, rather than a confirmed breakout, increasing the pressure on buyers to defend the lower support regions.

Significant buying interest is observed between $63,600 and $64,000, suggesting that Bitcoin could stabilize or potentially rebound from this range in the short term. If support holds, another attempt toward the $66,000-$67,000 band may occur before sellers potentially regain control.

Nonetheless, several unswept liquidity levels remain below current prices at $61,755, $61,455, and $61,251. If Bitcoin breaks below $63,600, the risk of testing these lower levels and entering the demand area at $60,000-$61,000 increases. To avoid this scenario, buyers must reclaim $65,500 and establish firm footing above it. Given the recent rejection, however, caution remains warranted.

Bitcoin’s failure to hold above $65,500 has left the market vulnerable to further selling, while a recovery from $63,600 is needed to maintain the bullish outlook toward $67,000.