Bitcoin tumbled to a two-month low this week, sliding 3% from $66,000 to $62,000 as bearish pressure mounted. The move marks the lowest level since late April, and traders are now watching whether the level holds or gives way to deeper losses. But even as prices fell, fresh dip-buying interest appeared in the order books.
Inside the $62,000 test
The $62,000 level is a critical support. A daily close below it would trigger selling from short-gamma positions, accelerating the decline. The next meaningful floor sits near $60,000, with a structural order-block zone between $59,500 and $61,000. Bearish RSI divergence on the 4-hour chart suggests a likely retest below $62,000 before any sustained move higher.
Volume during the recovery leg was elevated but not decisive, leaving room for a lower-energy retest. If Bitcoin holds above $62,000 on that retry and spot ETF flows turn net positive, price could grind toward the $64,350–$66,000 resistance zone over the next week.
Dip buyers show up
Despite the drop, long positions accounted for 51.15% of taker volume in the past hour, while shorts made up 48.85%. That slight long bias suggests traders are treating the sell-off as a buying opportunity rather than a reason to flee. The timing isn't great — macro catalysts such as CPI prints, Fed commentary, and regulatory moves remain external variables that can override technical setups.
Bitcoin Hyper raises $32M in presale
Separately, Bitcoin Hyper, a Bitcoin Layer 2 project integrating the Solana Virtual Machine (SVM), closed a $32 million presale at a token price of $0.013682. The raise came as Bitcoin's price slumped, underscoring continued appetite for infrastructure plays even during market drawdowns.
The next few sessions will be decisive. If $62,000 fails, expect a fast move toward $60,000. If it holds and macro data cooperates, the grind back to $66,000 is back on the table.
