Bitcoin Faces Vital Support at $62K, Will the Bull Run Resume?

• Bitcoin has major support at the $62,000 price level.
• If BTC fails to hold $62K, $51,500 is the next area of major demand and support.
• To resume the bull run, Bitcoin needs to break above $66,250.

Bitcoin (BTC), the world’s largest digital asset, has a major support at the $62K price level as per the data provided by UTXO Realized Price Distribution (URPD), and it is imperative for the leading cryptocurrency to hold above this price region.

As per a post by technical analyst @ali_charts on social media platform X (formerly known as Twitter), if Bitcoin holds above $62,000 and breaks above the $66,250 price level, the bull run will resume. 

However, if the digital asset fails to hold above $62,000, it might retest the nearest major support at $51,500, which is another major demand area for Bitcoin. For the digital asset to continue making higher highs, it is crucial to reclaim the $66,250 mark.

According to the data from CoinMarketCap, the price of BTC as of 1:18 a.m. on Wednesday, stands at $64,429, much higher than its nearest support of $62,000. Further, the market capitalization of the digital asset stands at $1.268 trillion, up 2.79% in the past 24 hours. 

The digital asset is 12.95% off from his all-time high of more than $73,000 made in March 2024. The trading volume of Bitcoin is down 12.90% in the past 24 hours, suggesting that the chances of higher prices are not significant.

Data from TradingView confirms that the RSI indicator is bearish, with the selling pressure being higher than the buying pressure.

Source: TradingView

The RSI reads a value of 44 which is below the neutral of 50. A few weeks ago, BTC was being overbought and the current price slump seems like a correction.