Bitcoin’s price has been unable to break through key resistance levels of $65K, $64K, or $63K in the past week. The daily RSI for BTC is at 29.44, indicating increased selling pressure. The crypto market is struggling to stay afloat as bears dominate, causing Bitcoin to drop into the $62K range under strong selling pressure. This has hindered bullish corrections for altcoins, leading to a 3.09% decrease in the global crypto market cap over the last 24 hours.
Over the past 24 hours, the price of Bitcoin has fallen by 2.97%, reaching a low of $62,488. In the past week and month, the price has decreased significantly by 5.52% and 6.93% respectively, according to CMC. Bitcoin underperformed the US stock market last week, hitting a one-month low without new stimuli. Despite a rally in the US stock market, Bitcoin experienced a 10% correction from its June high of $72K.
In the last 3 days, Bitcoin has failed to recover above $65,000, struggled around $64.5K, and started to decline again. It has steadily fallen below $64,000 and $63,000 levels. The daily RSI is at 29.44, indicating oversold momentum. If there is a rebound, the price could face initial resistance at $63,340, with major resistance at $63,950 and a key level at $64,300.
If Bitcoin cannot break through the resistance zone, it may continue to drop. Immediate support is around $62,160, followed by a secondary support at $61,624. Further losses could push the price towards the $61,100 support zone. With continuous outflows from US-listed ETFs, selling pressure may drive the price of Bitcoin below $60,000.
