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BTC Price Nears Critical $64K Level

Bitcoin needs to close above $63,000 on the daily chart to pave the way for new all-time highs. Traders are watching closely as BTC/USD tests key resistance levels that have held for months.

• Main Points:

  • Critical resistance at $63,000: A daily close above this level is needed to support bullish momentum.

  • Strong rebound from $57,000 demand zone: Bitcoin has recovered nearly 8% this week, following positive macroeconomic events.

  • Key technical indicators: The 200-day moving average and major onchain volume reside around $64,000, acting as further resistance.

  • Potential breakout at $67,000: A multimonth downward channel suggests a breakout could happen soon.

• Detailed Insights:

  • Critical resistance at $63,000: Popular trader HornHairs highlights that Bitcoin must flip $63,000 into support on a high timeframe to move toward new highs.

  • Rebound from $57,000: Bitcoin has seen a strong rally after bouncing off demand at $57,000, sparking optimism among traders.

  • 200-day moving average at $64,000: MS2 Capital points out that the 200-day simple moving average and significant onchain volume both converge around $64,000, making it a crucial zone to break.

  • Breakout level at $67,000: Analyst Rekt Capital emphasizes that $67,000 is the key level to watch as Bitcoin moves toward breaking out of its multimonth downward trend.

  • Time-sensitive breakout: Bitcoin’s historical patterns suggest a breakout is nearing, with Rekt Capital noting that Bitcoin tends to break out 150-160 days after its halving event — which occurred roughly 158 days ago.

Related: BRICS Crypto Threat to US Dollar

As Bitcoin nears key resistance zones, traders closely monitor price action for signs of a potential breakout.

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Dormant Satoshi-Era Bitcoin Wallet Activated After 13 Years

A Bitcoin wallet holding 59 BTC, inactive for over 13 years, was reactivated. This rare event occurred during a Bitcoin price surge, though there's no clear link between price movements and the wallet's activation.

• Main Points:

  • 13-year dormant wallet reactivated: A wallet holding 59 BTC ($3.8 million) became active after more than a decade.

  • Coincided with Bitcoin price surge: Bitcoin briefly reclaimed the $64,000 level, though the activation wasn't tied to price trends.

  • Other dormant wallets resurfaced: Several other dormant wallets have been activated this month after 10+ years of inactivity.

  • Rare event: This is the first activation of a wallet dormant for over 13 years since August.

• Detailed Insights:

  • 13-year dormant wallet reactivated: Whale Alert data shows the wallet, containing 59 BTC, was last used in the early days of Bitcoin, making its reactivation noteworthy.

  • Bitcoin price surge coincidence: The wallet’s activation came as Bitcoin hit $64,000, although Whale Alert reports no direct correlation between price spikes and old wallets becoming active.

  • Multiple wallets reactivated this month: In addition to this wallet, other wallets dormant for over a decade have been activated, one containing $10.5 million worth of BTC.

  • Rare reactivations from Satoshi-era wallets: Wallets from Bitcoin’s early years (2009-2011) are rarely reactivated, making such events significant in the crypto space.

  • Historical significance: These wallets date back to Bitcoin’s creation era, adding a layer of intrigue as few from that period have reactivated in recent years.

Related: Bitcoin Consolidation Continues

Max Keiser Clashes with Michael Saylor Over El Salvador's Bitcoin Strategy

Max Keiser, a senior Bitcoin adviser to El Salvador’s president, criticized Michael Saylor for questioning the country’s Bitcoin strategy. Saylor suggested that El Salvador might need to liquidate its Bitcoin holdings to cover expenses if they fail to generate yield.

• Main Points:

  • Saylor questions El Salvador's Bitcoin strategy: Saylor expressed concerns over El Salvador’s lack of yield on its Bitcoin investments.

  • Keiser’s strong rebuttal: Keiser defended El Salvador’s approach, claiming the country is reducing debt and growing GDP without taking on unnecessary risk.

  • Keiser demands apology: Keiser called Saylor’s criticism baseless and requested an apology to President Nayib Bukele.

  • El Salvador’s Bitcoin commitment: The country continues to buy Bitcoin daily and holds nearly 5,879 BTC in reserves.

• Detailed Insights:

  • Saylor questions El Salvador's strategy: Saylor suggested that without generating yield, El Salvador might have to sell its Bitcoin holdings to meet financial obligations.

  • Keiser’s rebuttal: Keiser, a key advocate for El Salvador’s Bitcoin policy, slammed Saylor’s concerns, arguing that the country’s strategy is sound and doesn’t expose it to the risks Saylor’s own company faces.

  • Call for apology: Keiser insisted that Saylor owes President Bukele an apology for casting doubt on El Salvador’s approach to Bitcoin accumulation.

  • El Salvador’s Bitcoin plan: Despite criticisms, El Salvador continues to acquire Bitcoin daily, a strategy they believe will strengthen their economy over time.

  • Bitcoin holdings: The nation currently holds over $372 million worth of Bitcoin, showing its unwavering commitment to the cryptocurrency.

Related: Microstrategy Joins MSCI World Index Amid Bitcoin Rally

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results