Will Bitcoin Bulls Take Charge as BTC Targets New Resistance?

• Bitcoin price spiked by 2.47% in the last 24 hours, trading at $64.3K.
• BTC transaction fees have surged by over 32%.

The cryptocurrency market is attempting to recover from the downside trajectory. Overall market cap has reached $2.24 trillion within the past 24 hours. The recent price momentum of Bitcoin (BTC) suggests the brief possibility of further gains.

After dipping below the major support levels, BTC has moderately rebounded in the past few days. Notably, over the past 24 hours, the asset has gained 2.47%. The asset plunged to $62,035 and eventually reached a peak of $64,464. 

During this timeframe, the daily trading volume of BTC has increased by 47% to $23.69 billion, and currently, the asset trades at $64,340, as per CMC data. 

Moreover, the Fear and Greed Index of BTC stays at 48, suggesting neutral sentiment in the market. Reportedly, Bitcoin has witnessed a 24-hour liquidation of $52.32 million. 

On the other side, the transaction fees of Bitcoin soared by over 32% last week, with miners earning $5 million in fees. Crypto analysts hint the fee hike coincides with the resurgence in Runes transactions, which is a fungible token standard on the Bitcoin network. Reportedly, the transactions have crossed over 50% of Bitcoin’s blockspace in the past week. It pushes the average BTC transaction fee up by 65%.

What’s Ahead for BTC Price? 

The asset started trading at $63,625 when the last week began. As days progressed, the Bitcoin price fell back to a low of $59K range. The downside pressure continues, and BTC struggles to break and soar above $63K. 

If the uptrend of BTC restates its momentum, the asset will likely test the initial resistance at around $65,640. Breaking this range could lead to a rally further towards a high target. Conversely, if this uptrend fails, BTC could fall to a support zone at $63,275. The price might potentially fall even lower if the downside momentum persists. 

At press time, the technical chart displays the short-term 50-day MA at $62,231, and the long-term 200-day MA at $62,054, below the current price range. Besides, the daily relative strength index (RSI) is positioned at 60, indicating BTC’s price momentum in neutral market sentiment. 

Meanwhile, the four-hour Moving Average Convergence Divergence (MACD) of BTC suggests a negative trend and decreased buying pressure, as the signal line is found below the MACD line.