The selling pressure on the leading cryptocurrency, Bitcoin [BTC] still remains active from the 14th April all-time high slightly below $65k. The leading cryptocurrency was trading around $61,003 USD at the reporting time as its re-tests support around the 200-period moving average on the 4-hour chart.
The 13th April breakout over $61k provides an initial support zone for Bitcoin [BTC], which could stabilize the present selloff.
BTC is roughly 7% lower from its all-time high, almost like the 1st April pullback that was limited to the 200-period moving average on the 4-hour chart.
The RSI [Relative Strength Index] is approaching oversold territory on the 4-hour chart, which usually precedes purchasing strength.
BTC must hold above $60k to end this breakout, which could override slowing momentum on long-run charts. However for now, buyers still take profit on fluctuating rallies.