Bitcoin has entered a critical phase after breaking the $63,500 support level, which could lead to significant changes in the price trend.
Initial Support Level:
The $63,500 level, which was considered an initial support floor, has been broken. This event indicates increased selling pressure and reduced investor confidence in the market.
Secondary Support Level:
The next support level is currently at $62,500. This level acts as a key point to prevent further price declines. If the price can stay above this level, there is a chance for a price rebound.
Downward Scenarios:
If the $62,500 level is also broken, there is a possibility of the price falling to the $60,000 or even $58,000 range. This decline would indicate more selling pressure and further reduction in investor confidence. In this case, the market will need stabilization and recovery of investor trust.