Bitcoin fell to $62,103 early Wednesday, down $1,208, or 1.91%, after sellers rejected a run at $64,169 during the prior 24 hours and after President Trump said the ceasefire with Iran is on shaky ground. The pullback has left the daily chart cautious, the shorter timeframes thin on volume, and the indicator board split between a lone bullish signal and a wall of longer-term bearish readings.
Key Takeaways
Bitcoin traded at $62,103 on July 8, down 1.91% after rejecting $64,169.63. MACD’s negative 751 reading was the lone bullish signal among 12 moving averages.Bulls need a daily close above $63,000 or the $57,735 support level comes into focus.A rejection at $62,800 to $63,000 instead favors a short toward $61,800, then $61,000, with a break below $61,600 opening the door to $60,000. Bears stay in control as long as the price fails to reclaim $63,000.
Daily Chart Keeps the Broader Bias CautiousResistance runs from $62,800 to $63,000, then $63,800 to $64,200, with major resistance at $64,657 and $67,418. The central pivot point at $63,515 sits above the current price, and traders need a daily reclaim of that level, or the 20-period exponential moving average (EMA) near $62,500, before the setup turns constructive again.
Oscillators Point to Indecision, With One ExceptionEvery longer-dated average, from the 50-period to the 200-period EMA and SMA, sits well above the spot price, ranging from $65,488 to $75,276, stacking overhead resistance against any recovery attempt.
Bull Verdict: Bear Verdict:
