The Bitcoin (BTC) market has witnessed a 2.13% decline in the past 24 hours, signaling a bearish sentiment prevailing in the short term.
Looking at the hourly chart, BTC/USD appears more bearish than bullish, struggling to maintain momentum above the critical $63,000 level. Despite an initial attempt to break through, the price failed to sustain, resulting in a downward trajectory.
Should the current trend persist until the end of the day, the likelihood of a support test in the upcoming sessions remains high.
A similar downtrend is observed on the daily timeframe, with the potential for further decline if the closing bar falls below the key support level of $63,136. In such a scenario, a continuation towards the $62,000 area becomes imminent.
In terms of midterm outlook, there are no discernible reversal signals yet, suggesting it may be premature to anticipate a bullish reversal. Furthermore, a breach of the $60,000 zone by buyers could trigger a significant downward movement towards the $55,000 zone, fueled by accumulated selling pressure.
As of press time, Bitcoin is trading at $62,979, reflecting the ongoing bearish sentiment in the market. Traders and investors are advised to exercise caution and closely monitor price movements for potential trading opportunities amidst the prevailing market conditions.
