Bitcoin Drops Below $64K as Altcoins Surge Amid Rising Oil Prices

Bitcoin's price fell below $64,000 as it slipped 2.77% over the past 24 hours to trade near $63,257.38 overall.

The sharp drop has raised concerns about a potential breakdown in the market, but some analysts believe it may be a short-term reaction rather than a long-term trend.

Open interest remains elevated and trading volume has picked up, suggesting that traders are actively repositioning their portfolios rather than showing fresh directional conviction.

The 200-week moving average is sitting near $63,300, and if Bitcoin holds above it, a rebound toward $65,000 resistance becomes possible. A break below $62,500, on the other hand, opens the door to a drop toward $60,000.