Bitcoin Fights to Hold Above $63K Amid Bearish Technical Outlook

Bitcoin has started the week on a cautious note after falling by more than 3% during the previous week. The leading cryptocurrency by market cap is attempting to stabilize above the important $62,300 support level.

Ethereum continues to consolidate while XRP trades near the psychologically significant $1.00 mark. Weakening momentum in these assets raises the possibility of further losses for them.

Bitcoin has added less than 1% to its value over the last 24 hours and is currently trading above $63,300. However, this stabilization comes with a bearish short-term outlook as it remains below the 50-day Exponential Moving Average (EMA) at $64,306 and considerably beneath the 100-day and 200-day EMAs at $66,388 and $71,800 respectively.

The Relative Strength Index (RSI) stands at 43, placing Bitcoin in neutral-to-weak territory. The Moving Average Convergence Divergence (MACD) indicator also remains in negative territory, reinforcing the view that sellers retain an advantage despite Bitcoin’s ability to stabilize above $63,000.