Bitcoin nears critical support zone amidst widespread crypto market weakness

The price of Bitcoin has declined over 4% on its latest daily candle, testing the $63,000 support zone and forming a lower low.

According to technical indicators, the weekly RSI (Relative Strength Index) for Bitcoin has plunged to 14.54, indicating extreme oversold conditions reminiscent of prior capitulation phases.

A bounce from $63,000 is possible, but broader market weakness suggests additional downside before a sustained recovery can occur.