Bitcoin Price Plunges to $63,870 as Sellers Maintain Upper Hand

Bitcoin's price has dropped to around $63,870 after a sharp intraday selloff. The cryptocurrency fell below the crucial $64,000 level before buyers stepped in and pushed the price slightly higher.

The latest TradingView chart shows a clear bearish trend on the 5-minute time frame, with several lower highs and lower lows that indicate sellers still have the upper hand.

Large red candles appeared with higher trading volume during the decline, suggesting that large traders or institutions took part in the selloff.

The Relative Strength Index (RSI) has dropped close to 30, a level that often signals an oversold market. However, it has now moved slightly higher and stands near 32, which suggests that the strongest selling pressure may have eased for now.