Bitcoin took another leg down Thursday, slipping below $62,500 after failing to defend the $63,200 level. The sell-off pushed the price to a low of $60,746 before it found some footing. The move puts BTC back under its 100-hour simple moving average and adds to the pressure on the broader market.
Bitcoin’s hourly chart shows a bearish trend line
On the hourly BTC/USD chart, a clear bearish trend line is forming with resistance near $62,400. That line has been capping any recovery attempts so far. For a real bounce to happen, the price would need to break above that line and then reclaim the $62,500 area — the immediate resistance level on the table.
The next key hurdle is $63,200, which also coincides with the 61.8% Fibonacci retracement of the drop from the $64,613 swing high to the $60,746 low. That’s a lot of resistance stacked up. If buyers can’t push through there, the path of least resistance stays lower.
Key supports to watch
Downside support levels are stacked tight. Right below current price sits $61,650, then $61,200, and then the $60,750 area — the low from earlier today. A break below that could open the door to $60,200 and eventually the round $60,000 handle. Losing $60,000 would be a psychological blow, but nothing in the data suggests that’s imminent.
The hourly MACD is still losing momentum in bearish territory, though the RSI has crept back above 50 — a small sign that the selling might be exhausting. But it's far from a green light.
What’s next for BTC
The next move depends on whether Bitcoin can hold above $60,750. If it does, a fresh push toward $62,500 and the trend line is on the cards. If it doesn't, the bears will likely aim for $60,200 and then $60,000. The real test comes when the price either clears $62,500 or loses $60,750 — one of those two is likely to happen in the next 24 hours.
