Bitcoin Plunges Below $63K, Tests Weekly Lows Amidst Bearish Pressure

Bitcoin has faced a fresh downturn after recovering briefly from a bearish weekend and encountering resistance near $67,000. The price has fallen back into the $62,000 range and could revisit last week's low of $60,775 for support. However, if the $60k level provides support, a bounce back can be expected. Bitcoin remains bullish on a macro level, undergoing correction for a stronger rally, potentially leading to parabolic movement in the future.

Bitcoin Plunges Amidst Bearish Onslaught, Revisiting Weekly Lows

After a brief respite last weekend, Bitcoin's upward trajectory has been abruptly halted, plunging it back into the bearish territory. The cryptocurrency, which briefly rallied to $67,000 yesterday, has since lost ground and is now facing renewed selling pressure.

Last Saturday, Bitcoin tested the $60,775 mark, the lowest point of the week's rollercoaster ride. However, this level proved to be a temporary buffer, with the price rebounding and closing the weekend on a slightly positive note.

This recovery provided a spark of hope at the start of the week, pushing the price to $66,867 yesterday. However, further progress was met with staunch resistance at this level, leading to a swift reversal. Bitcoin quickly shed the $65,000 mark and has since dropped into the $62,000 range.

With the bears now firmly in control, the price of Bitcoin could revisit last week's low of $60,775 for support. Failure to hold this level could result in a breakdown to the ascending support line, which acted as resistance during February's rally.

However, if support materializes at the $60,000 level, we can anticipate a swift recovery. This would signal the return of the bulls and a potential resumption of the upward trend.

The current downturn suggests a shift in momentum towards the bears, indicating the possibility of further declines for the leading cryptocurrency. Despite these short-term setbacks, Bitcoin's long-term bullish outlook remains intact. The current correction is seen as a necessary phase of consolidation, paving the way for an even stronger rally in the future.

Key Resistance and Support Levels to Monitor

As Bitcoin navigates this latest price correction, traders should keep an eye on several key levels for potential support and resistance.

• Resistance: $64,500, $66,867, $69,000, $71,800, $73,777
• Support: $60,775, $59,000, $56,000

Volatility Remains High

Volatility has been a defining characteristic of Bitcoin's price action in recent weeks, and this trend is expected to continue. Traders should exercise caution and manage their risk accordingly.

Disclaimer: The information provided in this article is not intended as financial advice. Always conduct thorough research and consult with a qualified professional before making any investment decisions.