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25.11 - 08:23
What happens if Bitcoin foregoes the $63,000 price level
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Bitcoin has lined up a bearish divergence on its daily chart which suggests a pause to its late-September uptrend. Over the short-mid term, BTC would look at cutting losses, at its immediate defenses while lining up the next up cycle. At the time of writing, BTC traded at $63,916, down by 2.3% over the last 24 hours.
Source: BTC/USD, TradingView
RSI’s bearish divergence combined with the MACD’s bearish crossover suggested that Bitcoin could continue its southbound movement heading into a fresh week. Should BTC weaken the confluence of its near-term support at $63,000 and the 20-SMA (red), another 9% drawdown could be on the cards.
The 50-SMA (yellow), which has often functioned as support during earlier BTC uptrend, would be called into
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