Bitcoin Stabilizes Above $63K, but Short-Term Outlook Remains Bearish

Bitcoin stabilized above $63,300 on Monday after a cautious start to the week following a more than 3% drop in value over the previous week.

The leading cryptocurrency by market cap added less than 1% to its value over the last 24 hours and is holding above $63,000, which it found support around during its recent trading range.

Despite this stabilization, BTC's short-term outlook remains bearish as it continues to trade below several key moving averages, including the 50-day Exponential Moving Average (EMA) at $64,306 and the 100-day and 200-day EMAs at $66,388 and $71,800 respectively.

The Relative Strength Index (RSI) stands at 43, placing it in neutral-to-weak territory, while the Moving Average Convergence Divergence (MACD) indicator remains in negative territory, reinforcing the view that sellers retain an advantage over buyers.