Bitcoin

<ul> 
 <li><strong>Bitcoin’s price has failed to test key resistance levels, $65K, $64K, or $63K, since the last week.</strong></li> 
 <li><strong>BTC’s daily RSI at 29.44 reflects its increased selling pressure.</strong></li> 
</ul> 
<p>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.&nbsp;</p> 
<p>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 <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noreferrer noopener nofollow">CMC</a>.&nbsp;</p> 
<p>During last week, BTC largely underperformed the US stock market, hitting its one-month low in the absence of new stimulants. Despite the <a href="https://thenewscrypto.com/us-stock-surge-sparks-crypto-uncertainty-amidst-fed-rate-cut-speculation/" target="_blank" rel="noreferrer noopener">US stock</a> market rally, the Bitcoin price went through a 10% correction from its June high of $72K.&nbsp;</p> 
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<h3 class="wp-block-heading" id="h-can-bitcoin-btc-overcome-the-bearish-pressure-nbsp-nbsp">Can Bitcoin (BTC) Overcome the Bearish Pressure?&nbsp;&nbsp;</h3> 
<p>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.</p> 
<p>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.</p> 
<p>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.</p> 
<p>However, with BTC witnessing continuous outflows from the U.S.-listed <a href="https://thenewscrypto.com/blackrocks-bitcoin-etf-inflows-paused-for-4-consecutive-days/" target="_blank" rel="noreferrer noopener">ETFs</a>, the selling pressure could potentially drive the asset’s price below $60,000.&nbsp;</p>

Are Bitcoin Bears Aiming to Lower the Price to $60K?

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TheNewsCrypto

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