Bitcoin steadies above $63K, but charts still point to a tougher test

Bitcoin ($BTC) began the week cautiously after falling by more than 3% during the previous week.

Bitcoin is attempting to stabilize above the important $62,300 support level, while Ethereum continues to consolidate.

XRP, meanwhile, trades near the psychologically significant $1.00 mark as weakening momentum raises the possibility of further losses.

Bitcoin stabilizes above the $62,300 support level

Bitcoin has started the week positively, adding less than 1% to its value over the last 24 hours.

The leading cryptocurrency by market cap is trading above $63,300 on Monday, holding above $63,000 after finding support around the lower boundary of its recent trading range.

Despite this stabilization, $BTC maintains a bearish short-term outlook.

The largest cryptocurrency remains below the 50-day Exponential Moving Average (EMA) at $64,306 and considerably beneath the 100-day and 200-day EMAs at $66,388 and $71,800, respectively.

Trading below all three averages indicates that sellers continue to control the broader trend.

Bitcoin would need to recover above its shorter-term moving averages to signal that bullish momentum is returning.

Momentum indicators reflect continued selling pressure

Bitcoin’s technical indicators support the cautious outlook. The Relative Strength Index (RSI) stands at 43, placing it in neutral-to-weak territory.