The cryptocurrency market is on edge as Bitcoin's price refuses to climb beyond $64,500. Despite recent gains, the price has slipped below $65,000, leaving many investors worried. Analyst Miles Deutscher notes that Bitcoin is struggling to stay above the critical $64k level on the weekly chart, indicating potential danger.

The current altcoin market weakness relative to Bitcoin is a major concern, according to Deutscher. He explains that Bitcoin lost the mid-range level at $66.5k and another significant level at $64k is also in play. To regain bullish momentum, Bitcoin needs to reclaim the $66.5k level to target the range high around $73k. However, if it fails to do so, it may head lower, breaking the $64k level and potentially dropping to the range low at $60k.

Despite the market downturn, some altcoins present buying opportunities, especially during major liquidation cascades for those with a long-term perspective. Deutscher notes that the relative weakness of altcoins compared to Bitcoin can be traced back to market dynamics beginning in 2021. During the 2021 bull run, the crypto market saw an influx of capital, leading to high investment activity, especially from venture capital firms.

This surge in supply, combined with the launch of over 1 million new tokens since April 2024, has overwhelmed the market, causing altcoins to perform poorly. Many major altcoins have struggled to match Bitcoin's performance, with only a few exceptions managing to outperform Bitcoin since the FTX collapse.

In conclusion, Bitcoin's indecisiveness has left investors on edge. While some altcoins present buying opportunities, the market remains uncertain. Bitcoin needs to reclaim the $66.5k level to regain bullish momentum, or it may head lower, breaking the $64k level. Only time will tell how the market will react, but one thing is certain - the cryptocurrency market is full of surprises.