- Bitcoin’s price has failed to test key resistance levels, $65K, $64K, or $63K, since the last week.
- BTC’s daily RSI at 29.44 reflects its increased selling pressure.
The crypto market struggles to hold its ground as bears dominate. Dipping to the $62K range, Bitcoin (BTC) tumbles under strong selling pressure. This state has blocked bullish corrections among the altcoins. The global crypto market cap has declined by 3.09% in the last 24 hours.
The price dipped by 2.97% in the past 24 hours, forming a low at $62,488. Over the past week and month, the price has dropped considerably, by 5.52% and 6.93%, respectively according to CMC.
During last week, BTC largely underperformed the US stock market, hitting its one-month low in the absence of new stimulants. Despite the US stock market rally, the Bitcoin price went through a 10% correction from its June high of $72K.
Can Bitcoin (BTC) Overcome the Bearish Pressure?
In the past 3 days, it can be seen that the BTC price failed to recover above the $65,000 level, struggled near $64.5K, and started another decline. It has shown a steady decline below the $64,000 and $63,000 levels. Moreover, the daily RSI (relative strength index) stands at 29.44, indicating the asset’s momentum within the oversold zone.
If there is a recovery wave, the price could face initial resistance near the $63,340 level. The next major resistance could be at $63,950. Further gains will take the price to a key resistance level of $64,300.
Conversely, if Bitcoin fails to climb above the resistance zone, it may continue to drop down. The immediate support on the downside is near the $62,160 level. The second subsequent support may seemingly be found at $61,624. Any more losses might send the price toward the $61,100 support zone.
However, with BTC witnessing continuous outflows from the U.S.-listed ETFs, the selling pressure could potentially drive the asset’s price below $60,000.
