Bitcoin Breaks Below Trendline as Bears Gain Control

Bitcoin's price has fallen to $63,274 after a 3.11% drop in value on July 28.

The cryptocurrency broke below its rising wedge trendline, which is seen as a bearish sign unless it recovers quickly.

Traders view the recent selling pressure as 'unusually violent,' and the price closed below the trendline after a bounce that appears to be over.

The Moving Average Convergence Divergence (MACD) line is below the signal line, indicating short-term selling pressure. The Relative Strength Index (RSI) of 35.23 suggests weak bearish momentum approaching oversold territory.