Bitcoin: Bears Drive Price Lower, Spiking the 0.786 FibBitcoin / TetherUSBINANCE:BTCUSDTDukesMarketAnalysisSellers Continue to Apply Pressure As highlighted in our previous analysis, Bitcoin’s bearish price action and stronger selling volume left the door open for further downside. Bears have since pushed price lower, keeping the short-term pressure firmly on the bulls. 0.618 Fibonacci Support Gives Way Bitcoin has now broken below the 0.618 Fib at $63,497, removing another potential area of support. Price subsequently spiked into the deeper 0.786 retracement at $62,960, where buyers initially stepped in. August Low Back in Focus The August 1 low at $62,275 is now increasingly important. A decisive break below this level would weaken the potential double-bottom scenario and increase the odds of further downside. Can Bulls Still Produce a Double Bottom? Nothing can be taken for granted, and bulls will be hoping the latest move develops into a second major low rather than another continuation lower. However, a potential double bottom remains unconfirmed until price can produce a meaningful bullish break of structure. Bulls Have Plenty of Work to Do Bitcoin remains below the bearishly crossed 100/50-Period EMAs, while selling volume continues to dominate. A break and close above the August 9 high at $65,474 would provide the bullish change of character needed to significantly strengthen the double-bottom case. In Summary Bitcoin continues to favour the bears after losing the 0.618 Fib, with sellers driving price into the deeper 0.786 retracement at $62,960. The August 1 low at $62,275 remains the crucial downside level and could still form the basis of a potential double bottom. However, stronger selling volume and the bearishly crossed 100/50-Period EMAs continue to favour sellers, while bulls ultimately need a break above $65,474 to change the short-term character.