Connect with us
DAPA Banner

Crypto World

Bitcoin price risks correction to $62,000 as volume weakens

Published

on

Bitcoin price risks correction to $62,000 as bullish volume weakens - 1

Bitcoin price faces growing downside risks after rejecting major resistance near $69,700. Weak bullish volume and loss of key support levels now raise the probability of a corrective move toward $62,000.

Summary

  • Rejection at $69,700 0.618 Fibonacci resistance confirms weakness
  • Loss of Point of Control signals bearish short-term structure
  • $62,000 support becomes next key downside target

Bitcoin’s (BTC) recent recovery rally appears to be losing momentum after price action encountered strong resistance at a critical technical zone. The market briefly pushed higher but failed to sustain acceptance above a key Fibonacci resistance level, signaling exhaustion among buyers.

Bitcoin price key technical points

  • Major Resistance: $69,700 aligns with the 0.618 Fibonacci retracement level.
  • Structural Shift: Bitcoin has closed below the Point of Control, signaling rejection.
  • Downside Target: Weak volume increases the probability of a move toward $62,000 support.
Bitcoin price risks correction to $62,000 as bullish volume weakens - 1
BTCUSDT (4H) Chart, Source: TradingView

Bitcoin recently traded into a major resistance cluster around $69,700, a region defined by both historical supply and the 0.618 Fibonacci retracement. This level typically represents a decisive barrier during corrective rallies, often separating continuation from rejection. Price action briefly tested the zone but failed to establish acceptance above it, leading to a clear rejection signal.

Advertisement

The rejection becomes more significant when viewed through volume dynamics. Despite the upward move, bullish participation has remained relatively weak compared to prior impulsive expansions. Rising prices without corresponding volume expansion often indicate a lack of conviction among buyers. Instead of sustained accumulation, the rally appears driven more by short-term positioning rather than strong market demand.

Following the rejection, Bitcoin has now moved back below the Point of Control (POC) of the current trading range. The POC represents the price level with the highest traded volume and often acts as equilibrium within a market structure. Losing this level on a closing basis suggests that buyers failed to maintain control, confirming resistance rather than reclaiming it.

This structural development shifts short-term bias toward consolidation or correction, even as Indiana lawmakers approved House Bill 1042, known as the Bitcoin Rights Bill, sending the measure to Governor Mike Braun for final approval and reinforcing ongoing institutional and legislative engagement with digital assets.

From a market structure perspective, Bitcoin remains within a broader trading range rather than a confirmed bullish trend. Failed breakouts at key Fibonacci resistance frequently lead to rotational moves back toward lower liquidity zones. In this case, the next logical destination sits near $62,000, where high timeframe support and prior demand previously triggered strong reactions.

Advertisement

A corrective move toward $62,000 would not necessarily invalidate the broader bullish outlook. Instead, such a pullback could represent a healthy reset following a weak rally attempt. Markets often revisit strong support zones to rebuild liquidity before initiating sustained directional moves. The absence of strong bullish volume during the recent rise reinforces this scenario, suggesting the market may require further consolidation before another expansion phase develops.

Conversely, an increase in bearish volume could accelerate downside momentum toward deeper support zones if sentiment deteriorates further, especially as Bitcoin remains roughly 50% below its all-time high with a growing share of supply now held at a loss following months of sustained selling pressure.

Overall, Bitcoin’s technical landscape currently reflects hesitation rather than strength. The inability to reclaim resistance combined with fading bullish volume suggests that upside momentum is weakening, placing increased importance on upcoming support reactions.

Advertisement

What to expect in the coming price action

Bitcoin’s next directional move will likely depend on whether buyers can quickly reclaim lost volume support. Failure to do so increases the probability of a corrective move toward $62,000, while a reclaim of the POC would invalidate the bearish scenario and restore bullish continuation potential.

Source link

Advertisement
Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Crypto World

Crypto market recap: What happened today?

Published

on

Crypto market recap: What happened today?

The crypto market saw several important developments today, including a warning from Hong Kong authorities about cryptocurrency scams, a new filing from Grayscale for a crypto-based ETF, and progress on the CLARITY Act in the U.S. Here’s a quick overview of the major events.

Summary

  • Hong Kong senior lost HK$6.6M in three crypto scams involving fake experts.
  • Grayscale files for HYPE ETF, offering exposure to Hyperliquid’s token.
  • US lawmakers near agreement to regulate stablecoin yield to protect banks.

Hong Kong police warn after senior man falls victim to scams

Hong Kong’s Police Cyber Crime Bureau issued a warning today after a 66-year-old retired man lost HK$6.6 million to three separate cryptocurrency scams. According to reports, the elderly victim was first contacted in September 2025 by a fraudster claiming to be a cryptocurrency expert. The scammer convinced the victim to invest, promising guaranteed profits. The man transferred HK$1.4 million to the fraudster, only to realize later that he had been tricked.

Advertisement

Undeterred, the victim sought help from another fraudster posing as an expert to recover his losses. However, after paying a deposit of 600,000 yuan, the second fraudster also disappeared. In January of this year, the victim was once again approached by a scammer claiming to recover the previous losses. This time, the fraudster instructed the victim to purchase cryptocurrency worth 4.6 million yuan, which the victim did. Once again, the scammer vanished, leaving the man without his entire life savings.

Grayscale files for HYPE ETF linked to Hyperliquid token

In other news, Grayscale filed with the U.S. Securities and Exchange Commission to launch an exchange-traded fund (ETF) tied to Hyperliquid’s native token, HYPE. The proposed Grayscale HYPE ETF, if approved, would allow investors to gain exposure to the token’s price movement without holding the token directly.

Hyperliquid is a blockchain platform focused on decentralized perpetual futures trading. The proposed ETF would initially track the price of HYPE, with the potential for staking to be added later. Grayscale’s move adds to a growing list of firms exploring investment products tied to newer digital assets like HYPE, as interest in crypto ETFs continues to expand beyond Bitcoin and Ethereum.

U.S. lawmakers work on stablecoin yield agreement

Meanwhile, in the United States, progress on the CLARITY Act is moving forward. Reports suggest that lawmakers are close to a tentative agreement on stablecoin yield, a key issue that has slowed the progress of the cryptocurrency market structure bill earlier this year.

Advertisement

The proposed agreement would address concerns over stablecoin yield and its potential impact on bank deposits. If passed, the legislation could regulate how stablecoin issuers offer yield to their holders. The deal aims to protect innovation while limiting the risk of deposit flight from the banking system. It could be a significant step forward in regulating digital assets and stabilizing the U.S. crypto market.

Source link

Advertisement
Continue Reading

Crypto World

Bitcoin Mining Difficulty Drops 7.7% in Biggest Cut Since February

Published

on

Bitcoin Mining Difficulty Drops 7.7% in Biggest Cut Since February

Bitcoin’s mining difficulty fell by around 7.7% at the latest adjustment on March 20 to 133.79 trillion at block 941,472, the sharpest drop since February, according to CoinWarz data.

The latest move takes difficulty down from around 145 trillion in mid-March and roughly 148 trillion at the start of the year. A lower difficulty means it takes less computational work to earn the same block reward, slightly improving revenue per unit of hashrate for firms that stay online.

The adjustment followed slower-than-target block production over the prior 2,016 blocks. CloverPool data showed average block times at about 12 minutes 36 seconds, well above Bitcoin’s 10-minute target, forcing the network to recalibrate lower.

In February, difficulty dropped sharply after weather-related disruptions in the United States temporarily knocked large American mining facilities offline, and it later rebounded by about 15% as hashrate returned to the network once power conditions normalized. 

Advertisement

Bitcoin (BTC) difficulty measures how hard it is for miners to find a valid hash for the next block and is automatically adjusted to keep issuance steady at one block every 10 minutes.

When more computing power, or hashrate, joins the network, difficulty rises to prevent blocks from being mined too quickly, while a decline in hashrate triggers a lower difficulty, making it easier for remaining miners to earn rewards. 

Bitcoin difficulty drops 7.7%. Source: CoinWarz

Related: Cango reports $285M Q4 loss as Bitcoin mining costs surge in 2025

The next difficulty adjustment is currently estimated for April 3, though that projection changes with each new block.

Miners pivot to AI as power costs bite

The difficulty reset also comes as several listed miners push further into AI and high-performance computing infrastructure in search of steadier returns on power and data-center capacity.

Advertisement

Last week, crypto trader Ran Neuner argued AI had become Bitcoin mining’s biggest competitor as both industries compete for electricity, even going as far as to say that “AI has killed Bitcoin forever.” 

Bitcoin miners such as Core Scientific, MARA Holdings, Hut 8 and Cipher Mining have begun reallocating capacity or pivoting toward AI workloads, while some operators have reduced hashrate or shut down less efficient rigs as profitability tightens.

On Feb 21, Bitdeer liquidated 943 BTC from reserves and sold newly mined coins, cutting corporate holdings to zero. In its latest weekly update on March 21, it confirmed that its BTC holdings remained at zero.

Big questions: Would Bitcoin survive a 10-year power outage?

Advertisement