Bitcoin Dips Below $63,000 Amid Leverage-Driven Correction

Bitcoin's price dipped below $63,000 at the start of the week, with the cryptocurrency trading around $62,800 on Monday. The decline reflects a leverage-driven correction within Bitcoin's established trading range between $59,000 and $66,000.

The prevailing bearish market structure is evident as Bitcoin remains below its major exponential moving averages (EMAs). The 50-day EMA sits at $65,214, the 100-day EMA at $68,689, and the 200-day EMA at $74,623. These resistance levels limit the scope for a sustained rebound.

The decline was not triggered by any major news event but rather the forced position closures of leveraged traders. The relatively small liquidation volume of US$70 million indicates that Bitcoin continues to consolidate despite short-term volatility.