**Bitcoin Faces Short-Term Bearish Pressure Amid Market Uncertainty**

Bitcoin's price dipped below $62,000 after hitting a high of $64,448 on Oct. 7, signaling that bullish momentum is not yet in full control. Data from CryptoQuant shows a negative Coinbase premium since early October, indicating selling pressure from US retail investors.

Independent traders note significant spot selling on Coinbase and Bybit, contributing to the recent price drop. On-chain analysts suggest that persistent selling from Coinbase could impact the market further.

Despite strong ETF inflows from Blackrock and Fidelity, retail traders remain cautious. Bitcoin struggles to maintain its position above key moving averages, with a potential bearish trend if it closes below $61,700. Crypto traders see mixed signals, hinting at a possible accumulation phase around $60,000.