Bitcoin: Selling Pressure Builds as Key Fib Support Is TestedBitcoin / TetherUSBINANCE:BTCUSDTDukesMarketAnalysisBroken Structure Continues to Reject Price Bitcoin has continued lower after failing to reclaim the previously broken $64,166 structure. That area is now acting as resistance, keeping the immediate price action firmly tilted towards the bears. Bearish Engulfing Candle Adds Pressure The latest recovery attempt was rejected at $64,515, producing a bearish engulfing candle before price moved sharply lower. Increased selling volume on the decline adds further weight to the rejection. 0.618 Fibonacci Support Now Being Tested Price has now tapped the 0.618 Fibonacci retracement at $63,497, giving bulls another important area to defend. A sustained break below this level would leave the recent $62,275 low increasingly vulnerable. Momentum Remains Bearish RSI has fallen towards oversold territory following slight bearish divergence into the recent highs, while StochRSI is already oversold. The 100/50-Period EMAs remain bullishly crossed but have started turning lower and are now acting as resistance. In Summary Bitcoin continues to weaken after failing to reclaim the broken $64,166 structure, with a bearish engulfing candle and increased selling volume adding to the pressure. Price has now reached the 0.618 Fibonacci retracement at $63,497, giving bulls another important area to defend. A failure to hold this level would strengthen the bearish case and shift attention back towards the recent $62,275 low, while reclaiming $64,166 would begin to ease the immediate pressure.