The bitcoin price in 2010cryptocurrency market witnessed renewed selling pressure as Bitcoin failed to sustain momentum above key resistance levels. Here's what technical indicators suggest about the current market structure.

■ Bitcoin faced strong rejection near the $64,550 resistance zone

■ Current trading range sits below both $63,500 and the 100-hour moving average

■ Emerging bearish trendline shows resistance at $63,600 on BTC/USD charts

■ Critical support levels to watch include $62,700 and $62,500

Market Structure Turns Bearish

After multiple attempts to break through the $65,000 psychological barrier, Bitcoin's price action turned decidedly negative. The digital asset encountered substantial selling pressure upon approaching $64,550, leading to a cascade of lower highs and lower lows.

The breakdown below $63,500 proved particularly significant as this level previously served as both support and resistance throughout June's trading sessions. Market participants should note the formation of a descending trendline connecting recent swing highs, currently capping upside attempts near $63,600.

Critical Levels to Monitor

From a technical perspective, several important Fibonacci levels come into play. The 23.6% retracement level of the recent downward move aligns with current resistance near $63,550, while the 50% retracement sits at $64,500.

Should buying pressure emerge, traders will watch for potential breakout scenarios. A convincing move above $64,500 could invalidate the current bearish structure and potentially test the $65,500 resistance zone. However, the overall momentum currently favors sellers.

Downside Risk Factors

The immediate support cluster between $62,700-$62,500 represents the first line of defense for bulls. A breakdown below this zone could accelerate selling toward the $62,000 psychological level, with potential extension to $61,200 if market conditions deteriorate further.

Technical indicators currently reinforce the bearish outlook. The hourly MACD shows increasing downward momentum, while the RSI remains below the neutral 50 level, suggesting sellers maintain control in the short-term timeframe.

Key Technical Indicators:

■ Hourly MACD: Accelerating in bearish territory

■ Hourly RSI: Below 50 (bearish momentum)

■ Immediate Support: $62,700 followed by $62,200

■ Major Resistance: $63,550 and $64,500