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BTC Bitcoin is testing key support areas after losing momentum above $65,000.
The chart shows that if buyers hold on to $62,000, they may rebound; but if it is blocked near $65,000, Bitcoin may fall to $60,000.
US$62,000 to US$65,000 support faces severe test
The daily Bitcoin chart shows that Bitcoin is currently trading around US$63,459 after failing to stabilize above US$65,000. Analysts linked recent weakness to the uncertainty created by the Clarification Act and pointed to the $62,000 to $65,000 range as a key support area.
To prevent a deeper correction, Bitcoin must now hold the lower edge of the range. If it continues to rebound and break through US$65,000, the short-term structure will improve and may draw attention to resistance around US$67,100, followed by a larger supply area of approximately US$70,672.
However, if the daily chart confirms a close below US$62,000, expectations for bullish recovery will be weakened. The chart points to support around $59,094 by then, while a larger decline could expose the $56,586 to $55,123 area.
The actual signal is clear: holding the US$62,000 to US$65,000 range could support another attempt at a rally, while losing that range would increase the risk of Bitcoin recouping more recent gains.
Bitcoin may face a sell-off triggered by FOMC decision, targeting US$60,000
Analytical charts show that Bitcoin is rebounding into resistance territory of approximately $64,500 to $65,000 ahead of the announcement of the Federal Reserve's interest rate decision. Analysts expect Bitcoin to reach lower highs in the region before falling back to the $60,000 to $62,000 range.
The chart marks the range of US$64,500 to US$65,000 as an order block resistance area, which has previously experienced selling pressure. A blockage in this area will support analysts 'bearish outlook and turn attention to the liquidity area near $62,722.
Bitcoin must hold on to this lower level to avoid a deeper decline. If a break below is confirmed, it may expose the next liquidity area (approximately US$61,305 million) and bring a larger target range of US$60,000 to US$62,000 into view.
However, this prediction is still conditional. Continued breakthroughs above $65,000 will weaken the pattern of lower highs and challenge the expected sell-off; while if it is blocked below resistance, downside risks will remain high.
