Bitcoin Recovers Above $63,000 After Sharp Selloff

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 1 hour ago

BTC+1.481%

XLM-4.995%

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Bitcoin Price Recovery: Bitcoin rebounded to approximately $63,230 on Monday, rising about 3% after slipping below $60,000 on Friday, yet it still fell over 17% for the week, indicating shaky market confidence.
Severe Market Losses: The recent selloff resulted in nearly $390 billion lost across the digital asset market, lowering the total crypto market value to just above $2 trillion, reflecting heightened investor concerns.
Significant Forced Liquidations: Nearly $7 billion in leveraged positions were liquidated during the week, with long positions accounting for about $5.7 billion, highlighting extreme market instability and investor panic.
Banks Advancing Blockchain Adoption: Despite Bitcoin's price volatility, banks like JPMorgan Chase, Bank of America, and Citigroup are advancing a tokenized deposit network set to launch in 2027, aimed at enabling around-the-clock settlement of customer deposits via blockchain.

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Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 4 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Bitcoin (BTC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	43632.633	51381.771	58777.383	66526.521	73922.133	81671.271	89066.883
Fibonacci	51381.771	57167.066	60741.227	66526.521	72311.816	75885.977	81671.271

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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