Bitcoin is trading at $62,614.85, up 1.00% in 24 hours. The 7-day chart still reflects a 14.66% drawdown. Market cap stands at $1.25 trillion. The 24-hour volume registers $37.01 billion, signaling active participation at this recovery level.
The chart shows firmly below all key moving averages. Immediate resistance sits between $64,500 and $65,000. A sustained close above that zone is required to stabilize short-term momentum. On the downside, $60,000 is the first critical support. A break there opens a path toward $57,500, which analysts identify as the next meaningful demand zone.
Akshat Siddhant, Lead Quant Analyst, Mudrex, stated, “Bitcoin is stabilizing around the $63,000 level after rebounding from a recent low of $59,100, triggered by stronger-than-expected US jobs data. The robust labor market reinforced expectations that the Federal Reserve may keep monetary policy restrictive for longer, leading to weakness across risk assets.”
He added, “Bitcoin’s daily RSI touched around 15.5, its most oversold reading since the March 2020 crash. Historically, similar RSI levels in 2020 and in February were followed by rebounds of 50% and 30%, respectively. If the same trend holds, Bitcoin could target the $80,000 zone in the coming weeks. Holding above $60,000 remains critical, as $55,000 is the next major support level below.”
WazirX Market’s Desk observed, “Bitcoin is trading near $63,041, remaining under pressure as it trades below key moving averages. Oversold technical conditions, dip-buying, and continued long-term accumulation are keeping participants focused on recovery signals. On the regulatory front, six US senators have called for changes to bank capital rules for Bitcoin. The move could improve traditional institutions’ access to digital assets.”
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