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Summary

Bitcoin’s price has been struggling to test key resistance levels of $65K, $64K, or $63K since the last week, with increased selling pressure reflected in the daily RSI at 29.44. The crypto market is experiencing a decline as bears dominate, leading to a dip in Bitcoin to the $62K range.

Introduction

The recent performance of Bitcoin (BTC) has been marked by strong selling pressure, hindering bullish corrections among altcoins. The global crypto market cap has decreased by 3.09% in the last 24 hours, with Bitcoin forming a low at $62,488 and experiencing significant drops over the past week and month.

Main Points

Bitcoin’s price has dropped by 2.97% in the past 24 hours, and by 5.52% and 6.93% over the last week and month, respectively. BTC underperformed the US stock market last week, facing a 10% correction from its June high of $72K. The asset struggles to recover above key levels like $65K and $64K, with the daily RSI indicating oversold momentum at 29.44.

Conclusion

If Bitcoin manages to overcome the bearish pressure, it will face resistance levels at $63,340, $63,950, and $64,300. Failure to climb above these levels may lead to further price drops, with immediate support at $62,160 and subsequent support at $61,624. Continuous outflows from U.S.-listed ETFs could drive Bitcoin’s price below $60,000 amidst ongoing selling pressure.

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