BTC Drops Below $63K: Should Investors Start Worrying?

The Bitcoin price has extended its correction down to a reduction of 4% ($2,600). Currently sitting on the bull market trendline and possibly facing this firm support being turned into resistance, is this the time to throw in the towel and look for much lower prices?

$BTC price confirming below bull market trendline?

Source: TradingView

As can be seen in this 4-hour chart above, the $BTC price is at a most crucial moment. Not only has the price fallen through the bear market trendline, but is also in the process of possibly confirming below the bull market trendline. Should this happen, a continuation of the dip down to support at $62,250 could be next.

So what are the chances of this further breakdown happening? If the confirmation takes place, it would be a very good chance indeed. Also, if the price goes below the last local low at $62,250, this would be a lower low, continuing the downward trend.

There is reasonably decent support at $62,700, which might hold up the price. If the price bounces before too much damage is done, this might simply be a fakeout as happened around the beginning of August, as can be seen if one looks left in the chart. If we add to this that the $BTC price is entering oversold territory, this also perhaps lends credence to a fakeout.

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