BTCUSDT is holding up well within its rising channel and continues to trade above both EMA lines. Notably, recent pullbacks have formed higher lows, indicating that buyers have not lost short-term control.

However, with the price now around 64,450, chasing the rally is no longer attractive. The 63,250–63,700 zone is the area worth waiting for; it represents a confluence of the channel's lower boundary, the EMA cluster, and a recently defended price base.

If BTCUSDT retraces to this level and forms a rejection wick or a bullish engulfing pattern, the likelihood of a continued rise will increase significantly.

Once the price holds above 63,700 and breaks past 64,600, the next target lies in the 65,000–65,500 resistance zone.

The broader backdrop also slightly supports this scenario, as sentiment in the tech sector improves, the US dollar hovers near six-week lows, and US bond yields remain near two-week lows. This environment helps alleviate pressure on risk assets like Bitcoin.

Buy zone: 63,250–63,700
Confirmation: Bullish reaction on the H1 chart and reclaiming the 64,000 level
Target: 65,000–65,500
Invalidation: Clear H1 close below 63,000