Bitcoin Crashes to Lowest Daily Close Since June 10

Bitcoin's price has fallen to $62,700, its lowest daily close since June 10. The decline triggered a bearish engulfing candle against Monday's range, indicating weaker short-term momentum.

The price has since consolidated below $63,000 after losing that level as support. A series of lower highs on the one-hour chart follows the rejection near $66,000 earlier this week. The relative strength index (RSI) has cooled from recent overbought levels, but Bitcoin remains above its June range low near $60,500.

Crypto trader Lennaert Snyder cautioned against buying in yet, pointing to $61,500 and $60,500 as key areas to watch for bullish reactions. He also noted the potential for another move lower if support around $63,000 fails.