Bitcoin's fourth halving at block height 840,000 triggered a surge in onchain transaction fees, exceeding $240 per transaction, the highest on record. As of press time, Bitcoin is trading at $64,488, down 4.5% for the week, with an intraday range between $63,161 and $64,968.
1-Hour and 4-Hour Charts: Buying Interest Emerges Amid Volatility
The 1-hour chart shows a wide price spread from $61,885 to $65,506, ending with a vigorous uptick signaling increased purchasing activity. The 4-hour view supports a bullish stance with ascending lows and a fresh uptrend, though traders should watch for potential retracements due to the lack of solid support.
Daily Chart: Bounce from $59,629, but Resistance Ahead
The daily chart indicates a notable rebound from a recent low of $59,629. If the price maintains support at this level, a move toward the $72,756 highs is possible. However, resistance near $65,000–$66,000 could trigger profit-taking and a bearish reversal.
Indicators: RSI Neutral, Moving Averages Mixed
The Relative Strength Index (RSI) stands at 47, in neutral territory. The Stochastic and Commodity Channel Index (CCI) also show equilibrium, recommending a wait-and-see approach. Moving averages are divided: short-term EMAs and SMAs (10 and 50 days) hint at bullish prospects, while longer periods (20 and 30 days) imply selling pressures.
Bull vs. Bear: Key Levels Decide Direction
Bulls point to the post-halving price resilience and strong buying signals on short-term charts. If support at $59,629 holds, a rally toward previous highs is likely. Bears highlight the spike in transaction fees, which undermines Bitcoin's utility, and the mixed signals from moving averages. Failure to hold $65,000 could lead to a correction toward $59,629.