Bitcoin has been struggling to break through key resistance levels of $65,000, $64,000, and $63,000 for the past week. The daily Relative Strength Index (RSI) for BTC is at 29.44, indicating a rise in selling pressure.
The crypto market is facing challenges as bears dominate, causing Bitcoin to drop to the $62,000 range under intense selling pressure. This downward trend has also prevented any bullish corrections in altcoins. The global crypto market cap has fallen by 3.09% in the last 24 hours.
Over the past 24 hours, the price of Bitcoin has decreased by 2.97%, hitting a low of $62,488. In the last week and month, the price has seen significant drops of 5.52% and 6.93% respectively according to CMC.
BTC has performed poorly compared to the US stock market in the last week, reaching a one-month low due to a lack of new stimuli. Despite the US stock market’s rally, Bitcoin has experienced a 10% correction from its high of $72,000 in June.
The BTC price chart shows the struggle to overcome bearish pressure in the past few days. It failed to break above $65,000, hovered around $64,500, and began to decline again. The price has steadily dropped below $64,000 and $63,000 levels. The daily RSI is at 29.44, indicating oversold conditions.
If there is a recovery, the price may face resistance at $63,340 and $63,950, with a key resistance level at $64,300. However, if Bitcoin fails to surpass these levels, it could continue to fall. Immediate support is at $62,160, followed by $61,624, and potentially $61,100.
Despite continuous outflows from US-listed ETFs, selling pressure could push Bitcoin’s price below $60,000.
