Bitcoin bounced off $64,000 support — but the bullish case isn't confirmed yet

Bitcoin is trading around $65,400 after a mild pullback on Thursday — the token tested the $64,000-65,000 support zone and held above it. One clarification up front: the specific framing circulating in some discussions about a bounce from a "261.8% Fibonacci extension at $64,940" isn't confirmed by verifiable sources — we couldn't trace it to a named analyst, so the rest of this piece relies on confirmed data instead.

What's Confirmed

Over the past 24 hours, the price slipped about 0.3%, but remains up 1.4% from a week ago; the 24-hour trading range is $65,537-66,369, with market cap around $1.32 trillion. CryptoQuant analyst Julio Moreno calls $64,000 the key support level and $72,000 the resistance; another analyst, Maxime Seiler of STS Digital, sees near-term resistance at $67,000-68,000 with broader support at $60,000.

Why the Market Is Cautious

The main driver of the current pause is caution ahead of the Fed's July 28-29 meeting, with investors avoiding aggressive positioning before rate signals land. Alphabet's earnings, showing larger-than-expected AI capital expenditure, also shaped sentiment — it lifted tech and chipmaker stocks like Samsung and SK Hynix, but according to SundayGuardian, it "failed to spark fresh momentum" specifically in the crypto market.

What It Means

As long as price holds above the $64,000-65,000 zone, the structure remains technically bullish — but holding support on its own doesn't guarantee continuation; it just means the local correction may not be fully over. We published a full rundown of volume and ETF flows over the past 24 hours this morning; the key question for the coming days is whether buyers can keep price above support all the way through the Fed meeting.

This piece is informational, not a recommendation to buy, sell, or hold any asset.