Bitcoin Price Falls Below $63,000, Experts Eye Critical Support Zone

Bitcoin's price has been on a downward trend in recent weeks, with the cryptocurrency falling below the crucial $63,000 level. This decline marks an almost 30% drop in value over the past month and signals deeper structural issues within the network.

The technical analysis reveals that Bitcoin is forming a head-and-shoulders pattern, with the neckline of this pattern situated near the $60,000 zone. This makes it a crucial support level for the cryptocurrency.

Miner capitulation has also been on the rise, with miners selling more Bitcoin than they are accumulating. This can be attributed to decreased miner income, as transaction fees have plummeted by nearly two-thirds over the past year.