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Yesterday, it held at 63.5k twice. Today, it couldn't hold.
This week, BTC dropped from 67,292 to 62,349, losing 5,000 points in five days. It's not a crash; everyone is just watching it grind down day by day.
FOMC didn't cut rates, Powell said we still have to wait. The rate cut narrative is officially dead this week. The DXY rose to 100.7, gold was hammered, Goldman cut its year-end target by 00. Risk assets are being wiped out across the board, not just in the crypto space.
I took a quick look at some altcoins: the biggest gainers are ATM +5%, BEL +5.6%, all small coins with trading volumes in the millions. ETH is at 1690, SOL at 68.27, both near their lows for the year. Blue chips can't even hold steady, and no one is paying attention to small coins.
I said yesterday I didn't know when it would break. Today, it broke. 63.5k is gone. The next clean support is 62k, then down to 59.1k, which is the 52-week low. If 62k can't hold, then 59.1k is the real test.
Resistance above is 63.5k (becomes resistance if broken), 64.6k.
Support below is 62k, 59.1k.
This market isn't scary. It's just gradually losing momentum. This kind of slow bottoming usually doesn't reverse with a single news event. It relies on enough people no longer caring about the price. We're not there yet.