The cryptocurrency market has witnessed a series of downward movements in the price of Bitcoin (BTC), with the leading digital asset losing its support at the $63,500 level. If the price of BTC falls below the $62,500 level, further losses are expected. However, an analyst has indicated that this decline could be a precursor to a new rise for Bitcoin.

Will Bitcoin Rise Again?

Analyst Checkmate, in a post on X (formerly known as Twitter), emphasized that Bitcoin has calmed down for a while, but this situation will not last long. The analyst notes that markets often need a catalyst to reach higher levels, and a decline will not be permanent. In due course, increases will inevitably start. Checkmate suggests that declines are one of the strongest catalysts for Bitcoin, and most people miss opportunities during these declines when such a rise begins.

Key Levels to Watch for Bitcoin Price

For an upward movement in Bitcoin, the key level to watch is $64,000. Breaking this level could be considered a new bullish signal for BTC, potentially leading to a quick test of the $65,500 resistance and subsequently moving towards the $66,200 level.

However, if Bitcoin fails to break the $63,500 resistance, it could signal a new wave of decline. In such a case, the $62,700 level is a critical support. Currently, the cryptocurrency BTC price is moving very close to this critical support at $62,848.

Technical Indicators and Investor Considerations

Analyzing the technical indicators, the MACD (Moving Average Convergence Divergence) indicator is gaining momentum in the bearish zone, while the RSI (Relative Strength Index) is currently at 40, indicating oversold conditions for Bitcoin.

Cryptocurrency investors might consider evaluating these declines, as with fluctuating movements, BTC, the flagship of cryptocurrencies, could offer 3-8% profits. However, the possibility of a further decline should always be considered.

Overall, the analyst's perspective suggests that the current downturn in Bitcoin's price may be a temporary phase, and the digital asset could potentially rebound in the near future, presenting opportunities for savvy investors.