Bitcoin price fails to recover above a critical support level, which keeps the negative bias intact. Crypto Patel notes that the price continues its anticipated bearish move while attention is focused on critical support levels. Indicators reveal weak momentum, which implies that buyers need to regain control to form a stronger rally.
At the time of writing, BTC is trading at $63,557, with a 24-hour trading volume of $79.99 billion and a market capitalization of $1.28 trillion. BTC declined 1.71% over the last 24 hours, extending its recent weakness after failing to regain key resistance levels.
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Bitcoin Price Still Following Bearish Roadmap
As of July 31, 2026, a renowned crypto analyst, Crypto Patel, has provided an analysis of his latest technical outlook in which he said that Bitcoin is continuing with the bearish pattern he has been predicting all along.
As per Patel, Bitcoin price has refused the retest of its broken rising price channel. This indicates that sellers continue to dominate the short-term movement of the coin.
According to Patel, BTC needs to stay above this important technical level to maintain the bullish trend intact. Patel further indicated that $60,000 is the next important support level for Bitcoin, and if selling continues, Bitcoin price may fall to $55,000.
According to him, BTC investors have to recover their losses at technical levels to regain their confidence.
Bitcoin Momentum Remains Weak
Several technical indicators also support a cautious outlook.
The Bitcoin price is at $63,557, whereas the RSI-14 was at 47.67 and below its signal line of 52.98. As the RSI is below 50, which is the neutral level, there is not much buying pressure in the market. The RSI crossing the 50 level will be a sign of positive momentum in the market.
The Moving Average Convergence Divergence (MACD) can be used as an indicator of the slowing momentum on the buy side. The MACD line is currently at 129.29 compared to the signal line, which is at 252.82, with the histogram having a negative value of -123.53.
Why This Matters for Bitcoin Investors
Bitcoin tends to move ahead of the entire crypto industry. If Bitcoin is unable to defend itself around the important levels, many other altcoins will also be sold.
This technical picture does not guarantee an upcoming bearish trend but warns of volatility in the near future. All eyes will be on whether Bitcoin will manage to defend the $60,000 level.
A rebound off this level would lead to improved sentiment, enabling another move to the recovery. However, a breakdown below the support level would increase the possibility of a fall towards the $55,000 range mentioned by Crypto Patel.
What Could Happen Next For Bitcoin Price?
The next few trading periods can decide whether Bitcoin is able to gain a foothold in the short run.
Technical signals will be followed to see how momentum is improving. If RSI rises above the 50 mark and there is a positive crossover on MACD, Bitcoin can strengthen.
Until signals come up, the market will observe whether Bitcoin will be able to hold its major support and stay away from further declines. In terms of long-term adoption, the increase is made through institutions and ETFs, but in short-term trading, one should be careful.
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This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
