Bitcoin has fallen nearly 20% since early February, posting its worst performance since June 2022 and marking its fifth consecutive month of decline. This is the longest bearish streak since 2018.
Earlier today, the price dropped to $62,810, reflecting Trump's plans to impose 15% global tariffs. The decline has wiped out more than $120 billion in crypto market capitalization in just one day. BTC has yet to make any clear attempts to rebound and is attempting to consolidate above $63,000.
The pressure on the price is exacerbated by the outflow of over $200 million from spot ETFs and forced selling by miners, as mining becomes unprofitable at current prices. As shown by a BTC/USD analysis conducted by Investing.com's WarrenAI smart chatbot, the technical picture on the daily chart fully confirms the fundamental negative. Trading near $63,100, the leading cryptocurrency remains trapped in a tight downward channel. Trend indicators leave no illusions: the price is deep below the Ichimoku Cloud, and the SuperTrend indicator is providing strong resistance at the distant $72,500 level. Moreover, the ADX index, which measures trend strength, reached an extreme value of 56.79, indicating sellers' complete control over the market and strong downward momentum.
Oversold levels in Bollinger Bands and RSI/MACD divergence hint at a possible rebound, but under strong selling pressure, any rally risks becoming a classic "bull trap."
Trying to bottom is dangerous now due to the poor risk-reward ratio. A conservative strategy suggests waiting for a correction to the $66,300–$68,600 resistance zone to open short positions with targets below $60,000. A change in the global trend can only be considered if the price consolidates above $68,000.