Bitcoin Price Drops Below $63,000 as Sellers Maintain Control

Bitcoin's price has dropped below $63,000, and it remains to be seen whether the largest cryptocurrency can recover from this level. The current price of around $62,724 indicates that sellers have controlled the market for most of the session.

The Relative Strength Index (RSI) stands near 29.7, placing Bitcoin in the oversold zone. This suggests that selling pressure may begin to slow down, and buyers might make a comeback. However, it's essential to note that this does not always mean the price will rise immediately.

Traders are waiting for the RSI to move back above 40 or 50 along with stronger price action before confirming a recovery has started. Meanwhile, Bitcoin needs to break above the $63,000 resistance level and then overcome subsequent resistances at $63,500 and $64,000 to regain confidence in the market.