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Bitcoin prices are nearing the $62,000 support level. Should it hold, a rebound is possible. Ohio State Senator Niraj Antani proposed a bill allowing the use of Bitcoin for tax payments, while Metaplanet announced an additional acquisition of 107.91 BTC. Currently, the BTC long-short ratio stands at 1, indicating neutral investor sentiment. On Monday, Bitcoin’s price fell from $66,000, dropping over 3% in a short time. If it dips below $62,000, it might further test the low of $57,610. Overall, market sentiment remains weak.
Bitcoin (BTC) Continues Correction
As of Tuesday, Bitcoin traded below $63,000 after dropping more than 3% the previous day, nearing a critical support level. Some optimistic signs include Ohio State Senator Niraj Antani’s proposal of a bill to allow Bitcoin tax payments, and Metaplanet’s increased BTC holdings. However, on-chain data indicates neutral trader sentiment, with the BTC long-short ratio at 1.
Daily Market Update: Bitcoin On-Chain Data Shows Neutral Investor Sentiment
Coinglass’s Bitcoin long-short ratio stands at 1.01, indicating neutral investor sentiment. When this ratio is above 1, it reflects bullish sentiment, suggesting more traders expect asset prices to rise. If it’s below 1, the opposite is true.
Technical Analysis: BTC Nearing Critical Support Level
On Saturday, Bitcoin faced rejection at the critical psychological level of $66,000, dropping 3.8% over the next two days. As of Tuesday, it continued to trade below $63,000, nearing the key support level around $62,000.
If the $62,000 level holds as support, Bitcoin may rally and break its key psychological level. The daily relative strength index (RSI) has dropped, currently pointing downward and trading around 50, indicating slowing bullish momentum. However, if it continues to drop and closes below the neutral level of 50, it signals increased selling pressure and further declines in Bitcoin prices.
If BTC breaks and closes below $62,000, the decline could extend by 7%, retesting the September 17 low of $57,610.
Sentiment: Neutral
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