• Bitcoin price dropped by 1.56% in the last 24 hours, slipping down to $62.7K.
• From the beginning of 2024, BTC withdrawals from exchanges total up to 210,000 BTC.

The bears are restraining the bulls from making the move, and the recent bullish momentum of BTC is gradually diminishing. Bitcoin is at a critical juncture, with its price hovering around $62,000.

The current price momentum is at a declining pace, down by 1.56% in the last 24 hours. Notably, BTC climbed from a low of $62,685 to a high of $64,043. During this dip, BTC’s trading volume has soared by 37.64% to $27.90 billion. At press time, BTC traded at $62,728 as per CMC data.

Moreover, the BTC Fear and Greed Index stays at 48, suggesting neutral sentiment in the market. Reportedly, Bitcoin has witnessed a 24-hour liquidation of $16.67 million.

Notably, the Federal Reserve’s potential rate cut speculated for September could serve as a critical bullish signal for Bitcoin. According to Ali Charts, if Bitcoin can close above $65,440, he predicts the next local top of BTC might be around $86,910.

Can BTC Recover from the Bear Hold?

Bitcoin started trading in the $60.9K range when the week began. As days progressed, the token’s price fell back to a low of $58,753. The downside pressure breaks, and BTC soars to a high of $64,879, managing to trade within the $62K range.

If BTC continues to climb up and break the descending momentum near the $62.9K level, the asset will likely test the $63,576 resistance soon. However, if the BTC price fell back to the $62K mark, the nearby support level might be at $61,706.

Currently, the daily relative strength index (RSI) stands at 53.64, indicating BTC’s price momentum in neutral market sentiment. Meanwhile, the short-term 9-day MA is found at $61,984, and the long-term 21-day MA is at $60,426, below the current price.