Bitcoin Nears Historically Weak Month with Bearish Signals Flashed

Bitcoin's (BTC) price has been hovering around $62.9K as it approaches the month of August, which historically has been associated with a pullback in the cryptocurrency.

The TD Sequential sell signal has printed on the 3-day chart from Alicharts, indicating a potential decline in the asset's value.

A bearish engulfing pattern is also forming on the daily chart, and BTC failed to reclaim its market structure after rejecting the retest of the broken rising channel.

As long as the price trades below this structure, the bearish bias remains intact. Key support levels for BTC include $60K-$61K, with a breakdown below that opening up the path to the $55,000 threshold.