Bitcoin Plunges: $63K in Sight as Bears Take Control – Is a Deeper Drop Coming?

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<a href="https://tech-oracle.com/btc-usd/">Bitcoin</a> Eyes $63K as Failed Retest Signals Deeper Drop

Bitcoin’s attempt to break through a crucial price level didn’t succeed, and now traders are focused on the $63,000 support area. Sellers currently dominate the market, and prices could potentially fall even further below that level.

Bitcoin’s recent attempt to rise in value has stalled. It briefly surpassed a key price level, but when it tried to confirm that break, it fell back down. This is causing traders to change their expectations.

Crypto analyst DamiDefi explained on X that Bitcoin briefly rose above a key price level, then fell back to test it as support. That test failed, and now the price is trading below that level again, which DamiDefi believes is a significant shift.

DamiDefi explained that the recent market activity wasn’t a confirmed breakout. Instead, it looked like a typical attempt to break out of a trading range, followed by a brief test of the new level and then a rejection, which often leads prices to fall back into the original range.

Rallies Are Just Noise Until Proven Otherwise

From my analysis, I’m maintaining a bearish outlook until the market gives me a reason to change it. Any upward movement we see right now, as long as Bitcoin remains below that key level on the daily chart, I consider to be a temporary bounce. I’m really watching the $63,000 level – that’s where I see a significant support zone, or what I call the ‘gray demand zone,’ and where the chart suggests we could find buying pressure.

That $63K area is now the key magnet. Not the upside. The downside.

As I’ve been analyzing DamiDefi, I’ve noted their explanation of what would happen if a key support level were to fail. They indicated that a break below this level could lead to a significant price drop, though they haven’t specified exactly where the next support might be. Currently, their core argument remains valid. However, that argument would be invalidated if the price were to convincingly break back *above* that same support level, with confirmed closes above it.

DamiDefi has made similar accurate predictions before. He previously identified a support range for Bitcoin between $69,000 and $72,000, and the price did indeed fall below that level in February.

Coinbase Still Selling, No Spot Inflow in Sight

Trader JunarXBT (also known as @JunarXBT on X) shared a similar outlook, adding insights about how institutions might react. He predicts the price will move up and down in a choppy pattern over the next few weeks, with potential for further price drops.

In my analysis, Bitcoin has fallen below the $72,500 level on the higher timeframe charts, which I see as a bearish signal. If we can regain that $72,500 level, it could pave the way for a move towards $79,000 or higher. However, currently, the market doesn’t seem to be setting up for that kind of move just yet.

Coinbase continues to sell off any price increases, and we’re not seeing any new money coming in from institutional investors. This is the core issue – without actual purchases on the open market, these temporary price jumps aren’t sustainable.

JunarXBT believes a weekly close under $68,000 would be a strong negative signal, potentially leading to a drop towards $60,000 or lower. He suggests that if the price falls to between $60,000 and $55,000, it could be a good opportunity to gradually start buying Bitcoin.

For now, he is scalp only. No swing positions.

What a $63K Break Actually Means

Recently, there hasn’t been much consistent demand from institutional investors. This absence of steady buying pressure makes it easier for prices to fall and for key support levels to break down quickly.

If the $63,000 level continues to act as strong support, it could signal the start of a price recovery, according to analysts. DamiDefi believes a move above a certain point would invalidate this idea, while JunarXBT sees a buying opportunity if the price stays within a specific range.

Neither is calling for a bull case right now. The chart says otherwise.

The $60,000 level is a critical support area. If the price falls below $60,000 and weekly closes don’t hold, it could lead to significant price movement and potentially a new low not seen in months.

Until BTC reclaims that yellow line with closes, the structure remains bearish.

This article reflects the technical analysis and opinions of outside market experts and X sources. It is not intended to be financial or investment advice.

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2026-03-29 01:07