Bitcoin slid toward the $65,000 level, intensifying selling pressure as the broader crypto market remained locked in a risk-off phase.
Key takeaways:
- Bitcoin is trading around the psychologically important $65,000 level
- Market sentiment has deteriorated into extreme fear
- Technical indicators show oversold conditions on the daily timeframe
- The $65,000 zone is shaping up as a key short-term support area
The move has pushed the leading digital asset into a critical technical zone, with traders closely watching whether buyers can stabilize price action or if further downside follows.
dropped to 11, firmly in “extreme fear” territory, while the total market capitalization has fallen to around $2.27 trillion, reflecting a broad-based retreat from risk. Bitcoin itself has lost more than 9% over the past twenty-four hours and over 21% on a weekly basis, underperforming its longer-term averages as selling pressure accelerates.
The pullback has unfolded alongside a sharp deterioration in sentiment across the digital asset market. Market-wide indicators reflect heightened risk aversion, while Bitcoin has posted a steep daily decline and a double-digit weekly loss. The speed of the move has brought price back to levels that previously acted as consolidation support earlier in the cycle.
Technical indicators point to oversold conditions
From a technical perspective, the chart points to strong bearish momentum but also signs of short-term exhaustion. On the daily timeframe, Bitcoin is trading just above $65,000 after a large bearish candle, with trading volume elevated compared to recent sessions. The relative strength index is hovering near 33, placing Bitcoin firmly in oversold territory – a zone that has historically coincided with slowing downside momentum and, in some cases, short-term relief bounces.
Momentum indicators continue to confirm weakness. The moving average convergence divergence remains deeply negative, with the histogram expanding lower, signaling that bearish momentum is still dominant. However, the growing divergence between price and momentum suggests selling pressure may be approaching a point of exhaustion, even if broader market conditions remain fragile.
The $65,000 level is now emerging as a key battleground. A sustained hold above this area could allow Bitcoin to consolidate and stabilize, particularly if oversold conditions attract dip buyers. On the other hand, a decisive breakdown could expose lower support zones and extend the corrective phase, especially if sentiment fails to improve.
For now, price action around $65,000 remains the central focus. With momentum stretched, volatility elevated, and fear at extreme levels, Bitcoin appears to be entering a phase where the next move will depend on whether technical support can absorb continued selling pressure or whether the market requires additional downside before balance is restored.
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Source: https://coindoo.com/65000-in-focus-as-bitcoin-selling-pressure-accelerates/