BTC/USD is likely to approach $62,200 today due to key technical and market dynamics. The pair has encountered significant resistance near $64,000, with multiple failed breakout attempts signaling a potential shift in momentum. With decreasing volume on recent upward movements, market liquidity appears thin, creating a ripe environment for downside volatility. As bearish pressure builds and shorter timeframes display a clear pattern of lower highs and lower lows, the probability of a breakdown increases. A breach of the $63,200 support level could act as a catalyst for further declines, making $62,200 a logical target within the day’s trading range. This scenario aligns with the broader corrective phase currently shaping up, reflecting a temporary retracement within the longer-term trend.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.