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Bitcoin stays at $63.3K after a 3% weekly drop amid key
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Bitcoin stays at $63.3K after a 3% weekly drop amid key

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  • Bitcoin (CRYPTO:BTC) started the new week trading at approximately US$63,300, recovering slightly after a decline of more than 3% over the previous week, whilst attempting to hold above the critical US$62,300 support level.
  • Bitcoin (CRYPTO:BTC) is currently trading below its 50-day exponential moving average at US$64,306, its 100-day EMA at US$66,388, and its 200-day EMA at US$71,800, indicating that sellers continue to dominate the broader trend.
  • The Relative Strength Index sits at 43, placing Bitcoin (CRYPTO:BTC) in neutral-to-weak territory below the 50-point threshold that separates bullish from bearish momentum dominance, though the reading remains above oversold conditions.

The Moving Average Convergence Divergence indicator remains in negative territory for Bitcoin (CRYPTO:BTC), reinforcing the view that bearish momentum persists despite the asset holding above the US$63,000 mark.

The first significant upside resistance is located at the 50-day EMA of US$64,306, with a heavier resistance cluster spanning US$65,547 — the 38.2% Fibonacci retracement level — through to US$66,500, which aligns closely with the 100-day EMA.

A decisive daily close above the US$65,547 to US$66,500 resistance zone would be required to meaningfully reduce the prevailing bearish bias and attract sustained buying interest in Bitcoin (CRYPTO:BTC).

Should Bitcoin (CRYPTO:BTC) achieve a sustained break above the US$66,500 resistance, the next upside target would be the 50% Fibonacci retracement level at US$67,940.

On the downside, immediate support sits at the 23.6% Fibonacci retracement level of US$62,586, with stronger horizontal support just below at US$62,300, a level that buyers have successfully defended in recent sessions.

A daily close below US$62,300 would expose Bitcoin (CRYPTO:BTC) to a deeper decline towards the lower boundary of its recent trading range, with no significant support identified immediately below that level.

Ethereum (CRYPTO:ETH) is consolidating at current levels whilst XRP (CRYPTO:XRP) is trading near the psychologically significant US$1.00 threshold with fading momentum, reflecting similar conditions of market caution across major digital assets.

At the time of reporting, Bitcoin price was $63,591.28.

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