Bitcoin Price Drops Below $64K as Sellers Retain Control

Bitcoin's price has dropped below $64,000 after failing to break through the $65,700 resistance zone. The decline has intensified short-term selling pressure, with the asset trading near $63,200 on CoinMarketCap.

The move has put recent buyers under renewed pressure, and market conviction remains weak. Despite falling exchange reserves, which could limit potential selling availability, spot demand is also weak, leaving the market vulnerable to further leveraged selling.

Traders are watching the $63,000 support zone closely, with a break below this level potentially exposing the $61,000 Fibonacci region. The current trading range may not persist, as indicated by compressed volatility in Bitcoin's three-day Bollinger Bands.