Bitcoin (BTC) Rejected at $64,169... 'Red Light' for a $60,000 Collapse

▲ Bitcoin (BTC) decline/AI-generated image

Bitcoin (BTC) failed to break through $64,169, then fell to $62,103, triggering a warning light for another collapse below $60,000.

According to crypto media outlet Bitcoin.com on July 8 (local time), Bitcoin fell to $62,103 on Wednesday morning. The decline amounted to $1,208, or 1.91%. U.S. President Donald Trump's remarks regarding a ceasefire in Iran also fueled market instability.

On the 1-hour chart, highs continued to decrease in the $62,040-$62,065 range. With trading volume also decreasing, buying pressure lost its short-term dominance. Analysis suggests that if the $62,800-$63,000 range is not reclaimed, the bearish structure will continue.

The 4-hour chart is also sending the same warning. If it falls again from $62,800-$63,000, $61,800 and $61,000 are presented as downside targets. If even $61,600 breaks, a further decline to $60,000 is possible.

Key support levels on the daily chart are $61,600-$61,800, $61,000, and $60,000. The critical support level is at $57,735. Conversely, analysis suggests that selling dominance will continue as long as the pivot point of $63,515 is not recovered.

Technical indicators also leaned bearish. The Relative Strength Index (RSI) recorded 46, and the Average Directional Index (ADX) recorded 28. The Moving Average Convergence Divergence (MACD) was at minus 751, sending the only buy signal. Long-term moving averages are formed in the $65,488-$75,276 range, presented as a resistance zone hindering upward attempts.

[Article Summary]

-Bitcoin fell 1.91% to $62,103 after failing to break through $64,169.

-If $61,600 breaks, $60,000 and the critical support level of $57,735 are suggested as the next downside targets.

-Technical trends, excluding the Moving Average Convergence Divergence, leaned towards selling dominance, with the recovery of $63,515 identified as a key turning point.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*