Bitcoin (BTC) Slides Under the Bearish Cloud at $62K

• Bitcoin trades at $62K after losing 0.42% in the last 24 hours.
• BTC has entered into the neutral zone as the Fear and Greed Index stays at 49.

Bitcoin (BTC) is currently hovering at $62K, showing brief signals of recovery from the steady plunge. Over the past few days, the largest asset has defied all bullish market predictions by extending its bearish rally to date. 

BTC touched a high of the $66.3K mark in late September, ascending from a low of $55.8K. The current market volatility has kept the asset away from the upward movement. Over the past 24 hours, BTC has declined by 0.42%. 

The asset’s intraday high and low were observed at $63,174 and $61,843, respectively. At press time, BTC traded at $62,082, as per CMC data. Consequently, BTC has stepped into the neutral zone as the Fear and Greed Index stays at 49. 

Besides, Santiment data has noted a whale transaction on Bitcoin’s network, which coincided with a spike in dormant BTC activity and $37.4 billion in on-chain volume, the highest in seven months. This increased movement of stagnant BTC historically signals positive future price action. 

Bitcoin’s ETF outflows were registered at $18.66 million as of October 8, as per SosoValue data. Moreover, according to Coinglass data, the market witnessed the BTC liquidation of $29.75 million.

Will the BTC Stay Reserved? 

Bitcoin has been trading bullishly in the past month, rallying over 12.50%. But the asset has failed to continue its upward momentum, losing nearly 0.66% and slipping to a low of $60K. However, the bearish trend has been prolonged.

Meanwhile, the four-hour technical chart of BTC displays the Moving Average Convergence Divergence (MACD) indicator below the signal line, suggesting a bearish trend and decreased buying pressure. 

In addition, the short-term 50-day moving average is found above the long-term 200-day moving average. Notably, BTC is entering the neutral zone, as the daily relative strength index (RSI) stands above 45. 

If Bitcoin fails to hold the upward momentum at $62.5K, it might likely slide below $61,470. However, if BTC could gain its price, it may return to the $63,640 range. This upside momentum might trigger the price to bolster the bullish rally. 

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