Crypto
Bitcoin Slips Below $63K Threshold Amid Rising Volatility
Bitcoin's (BTC) price has fallen to the $63K threshold, sparking concern among investors. The rising wedge breakdown has handed control back to bears unless BTC recovers the trendline quickly.
The daily trading volume is up by 75% to $27.79 billion, a sign that may not be favorable for bulls. While the $70K benchmark was recently broken, market attention has shifted toward whether the $63K support level will hold.
A bearish engulfing candle and higher timeframes trending bearish do not leave much room for optimism in the short term. The selling pressure of Bitcoin has been described by traders as unusually violent.