Bitcoin slips to $62K as bears press; $65K needed to reverse

Bitcoin fell to about $62,000 at the Wall Street open on Tuesday, dropping roughly 1.2% as selling pressure increased and traders prepared for U.S. inflation data. The price tested local lows after a fresh round of selling.

Trading data showed a double rejection near $64,200 that pushed BTC/USD toward a retest of the $60,000 support zone. The pair retraced from last week’s low near $59,100, and the short-term trend remained negative until buyers push the price back above $65,000.

Trader and analyst Michaël van de Poppe wrote that clearing $65,000 would likely flip momentum higher and could set up a move into the low $70,000s. “Bitcoin is stalling beneath $65K as breaking that level would trigger a strong run to $72-74K,” he wrote, and he questioned whether last week’s lows would hold, describing parts of the recent selloff as “relatively irrational.”

Another analyst, Rekt Capital, pointed to technical losses that mirror prior cycle bottoms. He noted Bitcoin has fallen below its 50-month exponential moving average and lost the support of a triangle formation, patterns that preceded further downside in earlier cycles. “Now Bitcoin needs to fully confirm this breakdown to enter additional Bearish Acceleration to the downside,” he wrote.

Bitcoin’s weakness diverged from U.S. equities, where the S&P 500 and Nasdaq opened higher by about 1% on the session. Oil futures fell on renewed hopes for progress toward a U.S.-Iran agreement, with U.S. crude slipping under $88 a barrel to its lowest level since late May.

Market participants expect the near-term path for Bitcoin will hinge on whether buyers can reclaim $65,000 and on the impact of upcoming U.S. inflation data. Technical traders will watch the $60,000 level for support and any rebound toward the $72,000–$74,000 range flagged by analysts.