Bitcoin (BTC) is trading around $63,168.00 after going through a period of strong volatility. The price has declined from a high of $64,817.99 and is currently looking for support.
Trading volume during the recent decline was quite high, especially at the $64,817 price zone, indicating strong selling pressure.
Lower volume in recent bullish candles shows a lack of strong buying pressure.
BTC appears to be in a distribution phase after a rally. The decline from the recent high could signal a “shakeout” or “test” phase before continuing to decline.
The EQL (Effort vs. Result) scores show an imbalance between buyer effort and price results, indicating a bearish trend.
Nearest Support: $62,357.93 (recent bottom), $62,800
Nearest Resistance: $63,725 (recent high), $64,000, $64,817 (recent high)
Short-term: BTC may continue to test the $62,357 support zone. If this zone is broken, the price may fall further.
Medium Term: The medium term trend remains unclear, depending on whether the price can hold above the $62,357 support zone.
Long-term: The long-term trend remains bullish, but further monitoring is needed to assess the impact of this price drop.
Entry point:
Buy: Do not buy at this time, wait for confirmation of bullish reversal signal.
Sell: Shorting may be considered if price breaks $62,357 support on high volume.
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