Bitcoin Downtrend Continues: Will Price Reach $62K?

Bitcoin's price has been in a short-term downtrend since it approached $67K ten days ago. The cryptocurrency has made consecutive lower highs and lower lows, suggesting that its value may continue to decrease.

The current price is at risk of falling to the bull market trendline, which could provide support around $62K or $63K.

A bearish head and shoulders pattern is still visible in the charts, with the price being rejected by the neckline on several occasions. If the price continues downward, it may reach a horizontal resistance level at $62,250.

Moving to the daily time frame, the 50-day simple moving average is below the current price, and if it falls further, caution is advised as this could be a sign of a larger decline in value. The last time this happened, Bitcoin's price fell from $77K to $60K.