Bitcoin is consolidating around a key support level at $64,000 following a rejection from higher prices. On-chain metrics indicate a macro bottom has not yet formed, with the MVRV Z-Score remaining above zero. Analysts state bearish momentum appears to be slowing, though the overall trend remains subdued as traders watch for the asset’s next directional move.
Bitcoin is holding the $64,000 support zone after a steep rejection from $75,000. The asset is trading at $64,096.65, down 1% over the past 24 hours.
Short-term momentum has weakened according to technical indicators. The RSI remains below the neutral 50 level, indicating subdued price action.
Analyst Ali has stated that whenever the MVRV Z-Score has fallen below zero is the last time that Bitcoin has formed a macro bottom. This metric currently sits near 1.00, suggesting classic bottom conditions have not yet appeared.
A move above $67,600 could open a path to retest the $75,000 resistance level. Conversely, a breakdown below $64,000 support may lead to a test of $60,000.
Market participants are closely monitoring whether Bitcoin can maintain its position above the $64,000 level. On-chain data and technical analysis suggest a confirmed macro bottom has not been established.
