Bitcoin price dropped by 1.63% in the last 24 hours, trading at $62.8K.
BTC has entered into the neutral zone in the market
The Bitcoin price displays a brief bullish sentiment, attempting to hit a higher value after the recent break-out above $63K. The largest cryptocurrency managed to trade within the $60K range for the past three days. The analysts speculate that the asset could hit a new all-time high (ATH) before this year ends, and it might be the beginning of a sustained bull run.
However, in the first week of September, the asset underwent heightened selling pressure and plunged to a one-month low of around $52,827 on September 7, bringing in a strong bearish wave to the cryptocurrency market. Moreover, BTC hit a high of $64K over the last day and is currently down by 1.63%.Â
Notably, BTC climbed from a low of $62,364 to a high of $64,023. At the time of writing, Bitcoin traded at $62,848, and the daily trading volume has dropped by over 26.90% to $29.83 billion, according to CMC data.
As a result, BTC has entered the neutral zone, as the Fear and Greed Index remains at 54. Reportedly, Bitcoin has witnessed a 24-hour liquidation of $23.33 million, as per Coinglass data.Â
On the other hand, a total of 250 BTC, valued at approximately $15.95 million, was transferred from five addresses that were dormant for nearly 16 years. These Bitcoin addresses each mined 50 BTC at block heights 2247, 2401, 2455, 2486, and 2690, respectively.
Whatâs Ahead for BTC Price?
BTC started trading in the $60.3K range when the week began and spiked above 4.20%. Gradually, the tokenâs price fell back to a low of $57,594. As days progressed, the downside pressure broke, and the token climbed to the $63K range.Â
Bitcoinâs recent brief spike in price has pushed it above the critical resistance level of $62,780. While this rally is notable, BTC might likely retest the $63,633 resistance shortly. However, a failed retest could see the asset drop to seek support around the $62.4K range.
BTC price chart (Source: TradingView)
The technical indicators of BTC display the short-term 50-day and the long-term 200-day moving averages below the current price momentum, indicating a brief bullish trend in the market. Meanwhile, the asset is in the neutral zone, as the daily relative strength index (RSI) stands at 61.80.Â
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