- Bitcoin price is holding near $61K.
- The downtrend is taking over the macro trend.
Bitcoin is holding onto its bullish divergence despite a recent minor market correction, signalling that the broader upward trend is likely to continue. While there is a simultaneous potential for a bearish divergence to emerge, which forms part of a market reversal, the existing bullish structure remains valid and active.
Currently, the largest asset is trading within the $61,930 range, following a minor 1.24% loss in value. Despite this slight dip, the immediate market impact is a state of cautious consolidation rather than panic selling. Notably, the key line in the sand for buyers is $61,000.
As long as Bitcoin maintains its footing above this critical baseline, the upward momentum remains intact, keeping the doors wide open for the market to test higher price targets. Also, traders are treating this zone as a foundational support level to preserve the macro recovery.
The asset’s lowest and highest trading ranges are observed between $61,492 and $62,885, respectively. Consequently, the daily trading volume has decreased by 17.04%, reaching the $26.06 billion mark. The market has experienced a 24-hour liquidation of $72.66 million worth of Bitcoin.
Will Bitcoin Fall into Deeper Lows or Rebound?
Upon the red candles on the chart light up bright, the price might retrace to a crucial support range at $$61,812. Assuming the sellers continue to rule the Bitcoin market, it would apply additional pressure on the downside, triggering the death cross to emerge, leading to a slip below $61.7K.
On the other hand, if the current market trend takes a bullish turn, the Bitcoin price could rise to find the key resistance level at around $62K. With the upside pressure gaining more traction, the bulls could initiate the golden cross to take place and would climb high to retest the $62,199 zone.
Bitcoin’s market is in a state of transition and conflict, where the long-term trend has turned bearish. The Moving Average Convergence Divergence (MACD) line is below zero, and the faster moving averages have crossed negative, signalling that downward momentum is taking over the macro trend.
Also, the signal line above zero smoothed the average of the MACD; it lags and is still clinging to the old bullish territory. This is a bearish setup. It shows that a recent, aggressive price drop has broken the back of the previous uptrend. Momentum has officially shifted to the sellers.
Furthermore, the daily Relative Strength Index (RSI) resting at 48.95 hints that the BTC market is in a neutral position, leaning micro-bearish. The 50 mark is the absolute centre of the scale, and now it is trading sideways, with the bears having an unnoticeable edge.
There is no clear trend here. The asset is neither overbought nor oversold, and the market is in equilibrium, consolidating, and waiting for a volume spike or a catalyst to force a definitive breakout or breakdown.
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