Bitcoin plunges to $62,500 amid continued bearish pressure
Bitcoin plunges to $62,500, losing over half its peak value
Bitcoin has rapidly dropped to $62,500, losing more than half of its peak value. Within hours, BTC broke below the key $65,000–$66,000 zone and is now struggling to stabilize around $62,500.
The drop is partially tempered by the RSI (14) approaching extreme oversold levels. However, further downside remains possible. Negative MACD values confirm the ongoing bearish trend. Bears are targeting $60,000, followed by $58,000 and potentially lower.
Bitcoin 15-minute chart. Source: TradingView
Nonetheless, there is hope for stabilization and sideways movement between $62,000 and $65,000. If selling pressure eases, the market may enter a consolidation range, with buyers attempting to defend the $61,500–$62,000 levels.
Bitcoiners Pray for Sideways Action
Technical signals supporting this scenario include:
- RSI stabilizing near neutral (30–40)
- MACD histogram beginning to compress
- Trading volumes declining on the down moves and increasing on bounces
A sideways range would provide the market with a comfortable zone before the next trend emerges.
As we wrote, CryptoQuant warns Bitcoin downturn now worse than 2022
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