• BTC has seen a solid obstacle point  at $64 K, which requires a close above $64,200. 
  • Traders should watch this price closely for signs of change.
  • Those using leverage must be cautious as market conditions remain uncertain.

BTC  has hit a price threshold at the $64,000 level as sellers prevent further gains. According to Crypto Patel’s Smart Money Management chart, this price zone acts as a bearish order block. A close above $64,200 is necessary for Bitcoin to overcome selling pressure and reverse its current bearish sentiment.

Rejection at Bearish Order Block

At the $64,000 level, Bitcoin encountered strong selling, signaling a bearish order block. This area represents a zone where institutional traders usually start short positions or exit long trades. Consequently, Bitcoin’s rejection from this price point aligns with Crypto Patel’s chart predictions.

#Bitcoin followed my SMM chart perfectly $BTC rejected exactly from the Bearish OB at $64,000. I'm expecting further downside, and the chart remains valid unless any 4H candle closes above $64,200.

If you're using leverage, consider booking profits. #BTC #Crypto https://t.co/3si8C9yqoN pic.twitter.com/7MrcMXwJmm

— Crypto Patel (@CryptoPatel) October 8, 2024

The $64,200 threshold is crucial for determining Bitcoin’s next direction. If Bitcoin does not close above this resistance on a 4-hour candle, it could face additional downward pressure. Traders are closely watching this level, as any movement around it may lead to sharp price swings, especially for those trading with leverage.

The sale demand at $64,000 indicates strong financial objections. Until Bitcoin breaks through $64,200, the current bearish sentiment is likely to continue. Moreover, this resistance level may define Bitcoin’s short-term path.

Leveraged Trading Risks

Crypto Patel has advised leveraged traders to consider taking profits due to the market’s volatility. BTC’s failure at this essential resistance zone poses risks for traders using leverage, as sharp price movements could result in substantial losses.

Capital-intensive trading amplifies both potential gains and losses, so managing risk is crucial. The unpredictable nature of Bitcoin’s price around the $64,200 level increases the likelihood of rapid price reversals. Hence, investors using borrowing must stay cautious.

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Bitcoin’s volatility combined with its failure to break this major obstacle makes it a high-risk environment for leveraged traders. Securing profits or reducing exposure may be wise as the market remains uncertain.

Will Bitcoin Break Through?

The key question now is: Will Bitcoin manage to close above the $64,200 mark and shift market momentum? The bearish order block at $64,000 shows significant resistance, but breaking this threshold could lead to renewed bullish momentum. Until then, traders should prepare for the possibility of further downside.

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