Bitcoin Price Rebounds to $63,894 Amidst Weak Spot Demand

Bitcoin's price has rebounded to $63,894 after briefly falling to $62,300. The recovery was met with weak spot demand and fresh short-term holder losses, which continue to limit its recovery.

The daily Relative Strength Index (RSI) remained neutral at 49.28, while the Moving Average Convergence Divergence (MACD) showed weakening momentum. A chart from CryptoQuant shared by market observer Whale Factor showed that approximately 32,000 BTC reached exchanges at a loss within a single day.

Short-term holders sent 32,000 BTC to exchanges at a loss within 24 hours, according to the chart. This move has been described as the largest short-term holder capitulation event in 30 days.