BTC has fallen below the critical support of $62,000 and is currently trading around $62,480.
A downward trend line at the $63,300 level indicates that the price is in a downward momentum. Bitcoin, trading below the 100-hour Simple Moving Average (SMA), is challenging these resistance levels.
Analysts suggest that if Bitcoin, the flagship cryptocurrency, can overcome the resistance area around $64,000, it could rise again. However, there is a support level at $61,000, and a close below this level could drive the price further down.
If the cryptocurrency Bitcoin cannot break above the $63,300 resistance area, it may continue to move downward. The immediate support on the downside is near $61,200.
