Bitcoin's price dynamics have undergone a significant transformation, with the $64,515 support level now converting into formidable resistance after being breached. This pivotal change reflects a shift in market sentiment, as traders closely monitor whether Bitcoin can reclaim this level or face further downward pressure. The retest of $64,515 as a resistance point marks a critical juncture, mirroring broader market volatility and uncertainty. Bitcoin has increased by 0.47% in the last 24 hours, trading at approximately $64,444, with a market capitalization exceeding $1.2 trillion and a trading volume surpassing $24 billion. However, there has been a 24-hour decrease of 0.25% and 4.80% in both its market capitalization and trading volume, respectively.

Observing Bitcoin's previous price actions reveals that BTC, having successfully broken below the $64,515 support level, is moving back to retest it as resistance. Notably, the price of BTC remains below the 100-day Simple Moving Average (SMA), indicating it is still bearish. The 4-hour Relative Strength Index (RSI) suggests that although the crypto asset's price is moving toward the $64,515 level to retest it as a resistance, this may be a temporary move, as the price may begin to drop again after the retest. Furthermore, the price of BTC is still actively bearish on the 1-day chart, trading below the 100-day SMA. Currently, BTC's price is attempting an upward move by dropping a bearish candlestick. Exploration of possible future price movements and scenarios for Bitcoin reveals that if the price reclaims the $64,515 level, it may continue to move upward toward the $66,736 resistance level. If this level is breached, the crypto asset may experience more price growth toward the $71,909 resistance level and possibly other levels above.

Conversely, should BTC undergo a rejection at this level and begin to drop again, it will continue its downward movement toward the $60,158 support level. If this level is breached, BTC may experience a further price drop to test the $56,523 support level and probably other levels below. The shift in Bitcoin's price dynamics has sparked significant interest among traders and analysts. This key threshold is seen as a critical juncture that could dictate the cryptocurrency's near-term trajectory. On one hand, bullish proponents argue that robust fundamentals and renewed investor interest could propel Bitcoin higher. On the other hand, bearish sentiment driven by macroeconomic pressures and regulatory uncertainties suggests a potential crash. With a market capitalization exceeding $1.2 trillion and a trading volume of over $34 billion, the price of Bitcoin is up by 0.04%, trading at around $65,621 in the last 24 hours. However, BTC's market capitalization and trading volume are currently down by 0.66% and 6.05%, respectively.

This analysis delves into weighing the bullish and bearish scenarios to determine Bitcoin's future price actions. Bitcoin's price on the 4-hour chart is currently making a retracement after a rejection at the $64,515 support level and is still trading below the 100-day Simple Moving Average (SMA). Although it seems like the price is moving toward the $66,736 level, this may only be a short-term move, as it may drop down again. The 1-day chart shows that BTC's price, having successfully dropped below the 100-day SMA with strong bearish momentum, is making a short-term pullback. After this pullback, the flagship crypto may begin to drop again toward the $64,515 support level. Furthermore, it can be observed that both the signal line and SMA of the 1-day Composite Trend Oscillator are attempting to drop below the zero line. With this current formation, it can be suggested that BTC's price may go bearish in the long run.

Currently, there are four key support levels and three key resistance levels to look out for. If the price of Bitcoin continues bearish as predicted, it will start to move downward toward the $64,515 support level to retest it. In the event of a break below this level, BTC will decline further to test the $60,158 level and possibly other support levels. However, if the digital asset fails to go bearish and decides to go bullish, it will begin to move toward the $66,607 resistance level. It could move even higher to challenge the $71,909 resistance level if it breaks above the aforementioned level and possibly moves on to test its new high. The ongoing struggle of Bitcoin to hold the $64,000 support level after losing $65,000 is facing intensified selling pressure. The upcoming weekend could see significant price action for BTC. The current scenario highlights a shift in market sentiment, with traders closely monitoring whether Bitcoin can reclaim the $64,515 level or face further downward pressure.