Bitcoin is trading at $62,900, down -1.90% in the last 24 hours. Key reasons behind the weakness: A broad sell-off across the U.S. and Asian equity markets, particularly in China and Hong Kong tech stocks, has weighed on risk assets, including crypto. Additionally, oil prices have surged nearly 10% over the past week amid ongoing U.S.-Iran tensions, adding further pressure. Despite bullish CPI and PPI data, markets still expect the Fed to keep rates unchanged, keeping sentiment cautious.
Technical: Bitcoin was rejected at the $64.5K resistance and is now consolidating below that level, with choppy price action expected to continue over the weekend. The short-term and weekly trends remain sideways, while the monthly chart continues to print a green candle.
Investors looking to contextualize the move locally can track Bitcoin’s live price in INR.
Bitcoin was rejected at the $64.5K resistance and is now consolidating below that level, with the short-term trend remaining sideways. Choppy price action is expected to continue over the weekend as buyers and sellers remain in balance. On the weekly timeframe, the trend is still range-bound, while the monthly chart continues to print a green candle, keeping the broader outlook constructive. A decisive move above $64.5K is needed to confirm the next leg higher.
Key levels to watch:
• Resistance: $64.5K
• Support: $58.4K
Want to learn technical analysis? Read more.
| Level | Price |
|---|---|
| Resistance | $74K |
| Major Resistance | $64.4K |
| Support | $58.4K |
| Other Support | $53.8K |
Want to understand the Relative Strength Index (RSI)? Read here.
| Timeframe | RSI Value | Signal |
|---|---|---|
| 1H | 37 | NEUTRAL |
| 4H | 42 | NEUTRAL |
| 1D | 49 | NEUTRAL |
Want to understand the Moving Average Convergence Divergence (MACD)? Read here.
| Timeframe | Status |
|---|---|
| 1H | BEARISH |
| 4H | BEARISH |
| 1D | BULLISH |
Bitcoin had another consolidation week, with macro uncertainty outweighing positive inflation data. While the broader monthly structure remains constructive, weak institutional participation and risk-off sentiment across global markets continue to cap upside. The next major move is likely to be driven by upcoming macro events.
Staying updated on these evolving factors doesn’t have to be complicated—our Twitter Page delivers clear, timely insights and real-time alerts to help you navigate the crypto market confidently and effectively.
3 simple steps:
1. Find support & resistance levels on your chart
2. Check RSI & MACD for direction (bullish or bearish)
3. Make a trade: Bullish setup = Buy near support
–Bearish setup = Sell near resistance
–Neutral setup = Wait for confirmation
Always use a stop loss to protect your money if trade goes wrong.
Support = Price level where Bitcoin bounces UP (buyers step in)
Resistance = Price level where Bitcoin bounces DOWN (sellers step in)
Example:
-If Bitcoin keeps bouncing at $44,000, that’s support
-If Bitcoin keeps dropping at $45,000, that’s resistance
Traders buy near support and sell near resistance.
RSI is an indicator that measures how fast and how much the price of Bitcoin changes. It’s scored from 0 to 100.
–Above 70 = Bitcoin is overbought (price might drop soon)
–Below 30 = Bitcoin is oversold (price might go up soon)
–30-70 = Normal trading range
Simple analogy: Think of RSI as a fuel tank. Full tank (70+) = time to slow down. Empty tank (<30) = time to fill up.
MACD is a trend-following indicator that shows if Bitcoin momentum is bullish or bearish.
–MACD above signal line = Price likely going UP (Bullish)
–MACD below signal line = Price likely going DOWN (Bearish)
–Expanding bars = Momentum getting stronger
–Shrinking bars = Momentum getting weaker
Simple analogy: MACD is like a traffic light. Green light = go long, Red light = go short.
Anupam has over 3 years of experience in the crypto industry, having worked with top indian crypto exchanges. He writes about Bitcoin, altcoins, AI, and emerging tech, helping readers understand what’s driving markets and where the digital asset ecosystem is headed.
