Bitcoin's price has once again captured attention, surpassing the $64,000 mark. Over the past 24 hours, it has risen by 1.89%, with a market cap of $1.26 trillion, dominating 56.7% of the crypto market. Let's explore potential developments in this trend.

Current Market Dynamics

In the daily chart, Bitcoin shows a bullish reversal, starting with a morning star pattern near the 200-day EMA, gaining momentum. From its 7-day low at $58,867, Bitcoin has increased by 8.83% over the past four days. A double-bottom reversal from the 200-day EMA has surpassed the 50% Fibonacci level at $63,847, signaling a bullish market sentiment. Bitcoin is prepared to challenge the overhead trendline, completing a bullish flag pattern that has persisted for over six months.

4-Hour Chart Analysis

In the 4-hour chart, a continuation rally after a pullback is observed, with three consecutive bullish engulfing candles crossing a crucial resistance at the 61.80% Fibonacci level at $63,560. The significant divergence in the RSI line supports this upward movement, indicating strong underlying demand. The Fibonacci levels point towards short-term targets of $65,969, $67,684, and $69,865, while the 50-day and 200-day EMA provide support at $62,400, $62,000, and $61,900.

Bitcoin Derivatives Support Uptrend

The derivatives market indicates a positive shift in sentiment among leveraged traders, with Bitcoin's trading volume increasing by 74%, nearing $50 billion. Bitcoin futures' open interest has risen by 3.84%, crossing the $36 billion mark. Additionally, Bitcoin options open interest shows an increase, totaling $20.94 billion with a volume rise of 1.20%.

Bitcoin's current upward trend indicates the potential for further growth, as confirmed by derivatives market data and technical analysis. However, consistent surmounting of key barriers will be necessary to reach new record levels.