Bitcoin price slips below $63,000: Is a deeper drop now coming?

Bitcoin BTC remains under pressure at the start of the week, trading around $62,800 on Monday as buyers struggle to regain momentum above the crucial $64,000 resistance level.

Although the world's largest cryptocurrency staged a modest recovery last week, the broader technical picture continues to favor sellers, with multiple resistance levels limiting the scope for a sustained rebound.

Bitcoin remains below key moving averages

BTC continues to trade beneath its major exponential moving averages (EMAs), highlighting the prevailing bearish market structure.

The latest decline was not triggered by any major news event.

Instead, the decline reflected another leverage-driven correction within Bitcoin's well-established trading range that has held between $59,000 and $66,000 for roughly a month.

According to data obtained from CoinGlass, the forced position closures over the last 24-hours amounted to roughly one-sixth of the largest liquidation events recorded over the past 30 days.

This suggests the sell-off was primarily driven by leveraged traders rather than broad-based panic selling. 

The relatively small liquidation volume of $70 million (approx. ₹6.6 billion) indicates that Bitcoin continues to consolidate despite short-term volatility. 

Bitcoin technical outlook: Momentum indicators show mixed signals 

The BTC/USD 4-hour chart remains bearish and efficient as Bitcoin has been underperforming over the past three days.

The cryptocurrency remains below the 50-day EMA at $65,214, the 100-day EMA ($68,689), and the 200-day EMA ($74,623).

These moving averages form a significant overhead resistance zone, suggesting that bullish attempts to push prices higher could continue to face selling pressure.

As long as Bitcoin remains below these technical barriers, the short-term outlook is likely to remain cautious.

Technical momentum indicators present a mixed picture.

The Relative Strength Index (RSI) is hovering around the neutral 50 level, indicating that neither buyers nor sellers currently have a decisive advantage.

Meanwhile, the Moving Average Convergence Divergence (MACD) remains in positive territory, suggesting bullish momentum is gradually improving. 

However, the indicator has yet to generate a strong enough signal to confirm a sustained trend reversal.

Together, these indicators imply that Bitcoin could continue trading sideways unless a stronger catalyst emerges.

The first obstacle for bulls remains the $64,000 resistance area, where recent recovery attempts have repeatedly stalled.

If buyers successfully break above this level, attention would shift to the 50-day EMA at $65,214, followed by the 100-day EMA near $68,689.

A sustained move beyond those resistance levels could pave the way toward the 200-day EMA at $74,623, while a longer-term breakout could target the horizontal resistance zone around $84,410.

On the downside, Bitcoin lacks strong nearby technical support, increasing the risk of renewed selling if buying momentum weakens.

Should BTC fail to overcome the $64,000 barrier, traders are likely to focus on the $60,000 psychological level, which could serve as the next significant support area and a potential demand zone.

For now, Bitcoin remains caught between strengthening bullish momentum and a dominant bearish trend, with a decisive break above resistance or below support likely to determine its next major move.