Bitcoin Falls Below Trendline as Support Sits at 62,194.61

By Amara Osei

Bitcoin traded at 68,933.08 in gisabdib’s TradingView snapshot, down 305.86, or 0.44%, on the session. The chart showed BTCUSD below the rising trendline that had supported price since September.

Gisabdib identified 62,194.61 as the first structural floor on the chart. The horizontal level defined the entire June-August base and sat roughly 6,700 points below the snapshot price. He said no support from that range remained below it, making 62,194.61 the next major downside reference.

RSI stood at 23.62, below its 31.99 signal line and at the lowest reading on the chart since the June bottom. Gisabdib described the condition as deeply oversold. He also warned that such an extreme reading marked exhaustion of a move rather than a confirmed bottom.

What changed after September?

Gisabdib said the recovery he mapped in October had unwound. Price had then been above a broken yearly downtrend and had held the 0.382 level as momentum reset, a structure he had described as an early reversal. That structure subsequently failed.

Bitcoin rejected the 88,000 area in late September, rolled over through October and fell roughly 19,000 points from the high, according to gisabdib. The trendline drawn from the summer low broke last week, removing the rising support line tracked since September.

The moving averages confirmed the shift in gisabdib’s analysis. The 50 EMA at 74,004.47 crossed below the 200 EMA at 77,903.38 during the decline. Price traded well beneath both averages, and every bounce since October had stalled at a lower level.

Both averages remained above the 68,933.08 snapshot. Gisabdib also noted that price had stayed well beneath each one, with the lower 50 EMA now sitting below the higher 200 EMA after the crossover.

Where is resistance now?

Gisabdib mapped the broken trendline as the first resistance barrier, now overhead near 72,000. Above that level sat the 50 EMA at 74,004 and the 200 EMA at 77,903. Together, the three markers formed the chart’s overhead price map.

Does oversold RSI mean the selloff has ended?

No such conclusion followed in gisabdib’s framework. “Readings this extreme mark exhaustion of a move, not a bottom,” he wrote. Gisabdib also noted that the June bottom remained the chart’s previous low, while the 62,194.61 support had not been tested in three months.

Those facts left a bearish trend and a deeply oversold oscillator pointing toward a floor at the same time, according to gisabdib. His framework did not convert that exhaustion into a bottom call. The author instead left the chart’s broader direction bearish while marking 62,194.61 as the first structural floor.

Why not sell at 68,933.08?

Direction was clear, but the entry price was not, gisabdib said. “Selling at an RSI of 23, six thousand points above support, is the worst location in the move,” he wrote. His warning placed the snapshot price about 6,700 points above the June-August support while momentum remained deeply oversold.

Gisabdib’s chart combined a broken trendline, a bearish moving-average crossover and an oversold oscillator pointing toward a floor that had gone three months without a test. His conclusion separated market direction from entry price: the direction remained bearish, but he discouraged selling into the existing decline.

The next downside test in gisabdib’s map was 62,194.61. A break there would leave no remaining support from the June-August range, while a recovery above the broken trendline near 72,000 would confront the 74,004 and 77,903 moving averages. For traders following the map, those levels framed the next test of the bearish trend.