Bitcoin Price Prediction: BTC Eyes Third Rejection Near $65K
DBitcoin is trading near $64,300 today, sitting right at a level that has stopped its last two rally attempts. Traders are now watching closely to see if history repeats itself for a third time.
The world's largest cryptocurrency has spent the past several months building a pattern that chart watchers can't ignore. Two rejections. One trendline. And a price tag hovering just under $65,000.
Where Is Bitcoin Price Right Now?
As of this writing, BTC is changing hands around $64,200 to $64,800 across major exchanges. That puts it roughly 1% below its seven-day high near $65,150.
Trading volume over the past 24 hours sits near $18 to $20 billion, according to data from multiple exchange trackers. Bitcoin's market cap remains steady around $1.3 trillion.
Why Did Bitcoin Get Rejected Twice on the Daily Chart?
A chart shared by analyst Ali Charts shows Bitcoin's daily price action stretching back several months. It traces a falling trendline connecting two sharp rejection points.
The first rejection happened near the $130,000 to $140,000 zone late last year. The second came in May, closer to $80,000.
Now, price is grinding just under that same descending line, currently marked around $64,765. The question on every trader's mind is simple. Does BTC break through, or does it get turned away a third time?
Two failed breakouts in a row tend to make traders cautious. A third rejection at the same trendline would likely confirm the downtrend stays intact for now.
How Is the CLARITY Act Delay Affecting Bitcoin?
Regulatory news is adding fuel to the uncertainty. Posts from trader Crypto Rover point out that the CLARITY Act, a bill meant to set clearer rules for digital assets, has been delayed again in the Senate.
No vote is expected before the recess. That timing echoes an earlier delay, which Crypto Rover's chart says lined up with Bitcoin's drop from around $97,000 to $64,000.
Side-by-side charts from Binance and Coinbase show the size of that earlier move. One chart marks a drop near 38.66%, and another shows a decline of about 27.47% around the same delay period.
It's worth noting correlation isn't proof of cause. Bitcoin's price moves for many reasons, and regulatory delays are just one piece of a bigger puzzle. Still, traders are watching the Senate calendar closely.
What Do Bitcoin Derivatives Data Show Today?
Data pulled from Coinglass gives a clearer picture of trader positioning right now. Bitcoin's price sits at $64,809, up a small 0.24% on the day.
Metric | Value | 24h Change |
Futures Volume (24h) | $38.37B | -19.08% |
Spot Volume (24h) | $2.33B | — |
Open Interest | $49.09B | -1.68% |
Options Volume | $1.59B | -8.59% |
Options Open Interest | $25.00B | -7.27% |
Long/Short Ratio (24h) | 1.0133 | — |
Falling futures volume alongside falling open interest often signals traders are pulling back rather than piling into new bets. That can mean lower volatility in the short term, or it can mean a bigger move is building quietly.
Liquidation data adds more context. Over the past 24 hours, long positions worth $8.24 million got liquidated compared to $10.10 million in shorts. In the past 4 hours alone, shorts saw $5.49 million wiped out versus $152,090 in longs.
That imbalance suggests short sellers took more pain recently, which can sometimes trigger short-term bounces as traders cover their positions.
What's Next for Bitcoin Price?
Right now, Bitcoin sits in a tight spot. Price action is coiling just under the multi-month downtrend line, and the next big catalyst could be political rather than technical.
If the Senate does eventually move on the CLARITY Act, a positive outcome could give Bitcoin the push it needs to finally clear that trendline. A negative outcome, or another delay, could send the price testing lower support levels again.
On the derivatives side, cooling volume and open interest suggest the market may be waiting for a clearer signal before committing to a direction.
Whale accumulation reported elsewhere in the market, alongside steady ETF inflows, offers a counterweight to the bearish chart pattern. It's a tug of war right now between technical resistance and improving demand.
Nothing here guarantees which way Bitcoin breaks next. The setup simply shows a market at a decision point, watched closely by both chart traders and policy watchers alike.
Disclaimer
This article is for informational purposes only and does not constitute financial, investment, or trading advice. Cryptocurrency markets are highly volatile and risky. Always do your own research and consult a licensed financial advisor before making investment decisions.
