Bitcoin Tests Key $63K Support Level as Market Awaits Next Move Toward $66K

• Bitcoin is testing a key support zone between $63,000 and $63,500, with bearish pressure building on recent price movements.
• RSI at 56.10 suggests neutral-bullish momentum, but narrowing MACD signals could indicate weakening bullish sentiment.
• A break below $63,000 could lead to further downside toward $61,500, while a rebound might target $66,500 resistance.

Crypto analyst DrProfitCrypto on X suggests that Bitcoin is at a crucial support level. Bitcoin’s price action over recent weeks has experienced substantial fluctuations. With Bitcoin hovering at the $63,000 mark, the market is at a pivotal moment. DrProfitCrypto expects a bounce from this level, which has seen multiple tests in the past. However, current market sentiment leans bearish, as indicated by recent trading patterns.

Price Movement and Support Zone

The chart covering Bitcoin’s performance from mid-September to early October shows a notable price shift. Bitcoin reached a peak of around $66,500 before pulling back to its current price of $63,897.63. 

This downward movement reflects bearish pressure. The critical support zone, identified between $63,000 and $63,500, has been tested several times. Notably, Bitcoin is now hovering at the lower end of this range, raising concerns among traders about a potential breakdown.

If Bitcoin breaks below the $63,000 level, the next support lies near $61,500, where further downside pressure could emerge. However, if the support holds, a potential rally toward the $66,500 mark may be in play. The coming days will be crucial for determining Bitcoin’s next move.

RSI and MACD Indicators Reflect Market Sentiment

The RSI, sitting at 56.10, suggests neutral-bullish momentum, though it has declined from previous highs, indicating a potential cooling off. The MACD has also formed a slight bullish crossover, showing an increase in buying pressure.

However, the narrowing gap between the MACD and signal line signals that this bullish momentum may weaken.These indicators suggest the market is in a fragile state, where any change in momentum could influence Bitcoin’s direction. 

Future Price Scenarios

A successful bounce from the $63,000 support could see a return to the $66,500 resistance level, with the possibility of further gains toward $68,000 if bullish momentum picks up. On the flip side, a failure to hold this support would confirm a bearish outlook. A decline below $63,000 may lead Bitcoin toward the $61,000 region, with the possibility of testing even lower levels.