Greed

Convergence

bullish

Bitcoin

Cloud

<ul class="wp-block-list">
 <li>Bitcoin trades at $62K after losing 0.42% in the last 24 hours.</li>
 <li>BTC has entered into the neutral zone as the Fear and Greed Index stays at 49.</li>
</ul>
Bitcoin (BTC) is currently hovering at $62K, showing brief signals of recovery from the steady plunge. Over the past few days, the largest asset has defied all bullish market predictions by extending its bearish rally to date.&nbsp;
BTC touched a high of the $66.3K mark in late September, ascending from a low of $55.8K. The current <a href="https://thenewscrypto.com/bitcoin-surges-2-5-as-crypto-market-reacts-to-fed-meeting-expectations/" rel="noopener noreferrer nofollow">market</a> volatility has kept the asset away from the upward movement. Over the past 24 hours, BTC has declined by 0.42%.&nbsp;
The asset’s intraday high and low were observed at $63,174 and $61,843, respectively. At press time, BTC traded at $62,082, as per CMC <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">data</a>. Consequently, BTC has stepped into the neutral zone as the Fear and Greed Index stays at 49.&nbsp;
Besides, Santiment data has <a href="https://x.com/santimentfeed/status/1843886201289244706" target="_blank" rel="noopener noreferrer nofollow">noted</a> a whale transaction on Bitcoin’s network, which coincided with a spike in dormant BTC activity and $37.4 billion in on-chain volume, the highest in seven months. This increased movement of stagnant BTC historically signals positive future <a href="https://thenewscrypto.com/analysts-predict-bitcoin-price-surge-in-q4-despite-slow-demand-growth/" target="_blank" rel="noopener noreferrer nofollow">price action</a>.&nbsp;
Bitcoin’s ETF outflows were registered at $18.66 million as of October 8, as per SosoValue data. Moreover, according to Coinglass <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener noreferrer nofollow">data</a>, the market witnessed the BTC liquidation of $29.75 million.
<h3 class="wp-block-heading" id="h-will-the-btc-stay-reserved-nbsp">Will the BTC Stay Reserved?&nbsp;</h3>
Bitcoin has been trading bullishly in the past month, rallying over 12.50%. But the asset has failed to continue its upward momentum, losing nearly 0.66% and slipping to a low of $60K. However, the bearish trend has been prolonged.
Meanwhile, the four-hour technical chart of BTC displays the Moving Average Convergence Divergence (MACD) indicator below the signal line, suggesting a bearish trend and decreased buying pressure.&nbsp;
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeOcj1B15yZOr8DCPv077jskY6d0m-59liwP7v3ezuz0hDHCMQ_gzdkeoQdIoP2zt63YnyRrm4NjlH7_YV83WduIaoWEUBbVwzgTLVKVEfhjFSaEJFbJxJR_CLVy5XYmqQV3kIAWqJNu7c9qvy1GdeYhs7d?key=Fz9honLE9b-q22VThLotSw" alt="">
 </figure>
</div>
In addition, the short-term 50-day moving average is found above the long-term 200-day moving average. Notably, BTC is entering the neutral zone, as the daily relative strength index (RSI) stands above 45.&nbsp;
If Bitcoin fails to hold the upward momentum at $62.5K, it might likely slide below $61,470. However, if BTC could gain its price, it may return to the $63,640 range. This upside momentum might trigger the price to bolster the bullish rally.&nbsp;

Bitcoin (BTC) Slides Under the Bearish Cloud at $62K

Table of Contents

TheNewsCrypto

Other articles published on Oct 9, 2024

Hamster Kombat's Season 1 Airdrop: Only 43% of Users Eligible

Scroll’s SCR Token Debuts on Binance, Staking Begins Now

Bitcoin Price Analysis: 2025 Will Be “Explosive” – Here’s Why

Data CPI AS Terbaru Berpotensi Dorong Bitcoin Menuju US$66.000

Binance held a cybersecurity seminar for Mexican law enforcement

These 4 Altcoins Are Primed to Turn Retail Investors Into Billionaires by 2025

Join our free newsletter for daily crypto updates!