Bitcoin (BTC) is trading around $62,500 after another failed attempt to reclaim a major resistance zone, which is still keeping the short-term outlook under pressure. Buyers nudged BTC toward the $63,300-$63,600 area, where the 50-day Exponential moving average (EMA) and the 23.6% Fibonacci retracement align; however, the price failed to close above either of these levels.
That rejection keeps BTC inside a descending channel with a string of lower highs since July 21.
Resistance Near $63,600 Remains Intact
The resistance cluster around $63,300-$63,600 is crucial as several technical barriers overlap in the same region. BTC previously traded above this band before losing support during the latest correction.
A sustained daily close above the full range would improve the near-term structure, but bulls would still need to break the upper boundary of the descending channel to end the current pattern of lower highs.
Another technical hurdle sits near the 50-day EMA at $64,660. Until Bitcoin moves above this level, recovery attempts may remain vulnerable to fresh selling.
Short-Term Holders Move BTC at a Loss
Selling pressure has also increased among recent buyers. According to CryptoQuant analyst Darkfost, short-term holders transferred more than 32,000 BTC to exchanges at a loss on August 1, marking one of the largest such movements recorded over the previous month.
Exchange deposits do not confirm that every coin was sold, but they increase the amount of Bitcoin available for trading. The timing of the inflows, close to BTC’s failed recovery near $63,600, suggests some recent buyers were reducing risk while their positions remained underwater.
However, large loss-related inflows do not necessarily confirm a market bottom. A more constructive signal would require exchange inflows to slow while spot demand absorbs the available supply.
Also Read: Bitcoin August Curse Returns as Ali Martinez Warns of More Weakness
Wallet Hack Adds to Market Caution
Broader sentiment was also affected by a reported security incident involving Coldcard, a Bitcoin-focused hardware wallet. Around 1,367 BTC, valued at approximately $88.6 million, was reportedly stolen across roughly 4,585 addresses.
The incident added to concerns around digital-asset security, although easing geopolitical risks following the suspension of planned US strikes on Iran provided some support to risk sentiment.
Technical Outlook Favors Further Weakness
BTC’s nearest support lies around $62,100, close to the lower boundary of the descending channel. A daily close below this zone could expose the psychological $60,000 level, followed by the previous swing low near $58,115.
Momentum indicators remain weak. The Relative Strength Index is near 45, while the MACD has crossed below its signal line and moved into negative territory.
For bulls, reclaiming $64,660 would be the first step toward stabilizing the market. Until then, the technical structure suggests that the risk of a deeper move toward $58,000 remains active.
Disclaimer : Crypto News India does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
