Bitcoin appears to have stopped falling around the $64,000 level, but analysts say it is difficult to view it as the start of a new bull market.
U.Today, a blockchain outlet, reported on Tuesday that the market currently looks closer to a bottom-finding process than a shift into a long-term bullish phase.
The key is the price structure. Bitcoin is trading below $64,000 and is in contact with the 50-day moving average of $64,122. The 100-day moving average stands at $66,682 and the 200-day moving average is at $72,017. It is hovering near short-term resistance, while more important medium- and long-term resistance remains higher, suggesting the overall trend is still bearish.
Price action also looks more like stagnation than a clear reversal. Bitcoin has set lower highs for months since a 2025 peak above $120,000. Even after rebounding from the area where it slipped below $60,000 in June, it has continued to move sideways rather than shift into a new trend.
Momentum indicators are also failing to send a strong signal. The daily relative strength index is around 49.6, staying in neutral territory. Buying pressure is not as weak as during the sharp June drop, but there is still no sign of momentum expansion strong enough to justify a breakout.
