Bitcoin is currently trading at $63,620.01, marking a $1,200 increase. However, technical indicators suggest a bearish momentum across various timeframes. The 5-minute, 1-hour, 6-hour, and daily charts all show bearish signals with RSI values below 50 and MACD indicators pointing downwards. The cryptocurrency is testing support levels at $63,000 on the 1-hour chart, with major resistance identified at $65,000. A strong downtrend has been observed since Bitcoin reached $70,000, with current support and resistance levels ranging from $60,000 to $70,000 across different timeframes. Volume analysis indicates increasing activity on downward price movements, and volatility is rising as shown by expanding ATR values. Traders are advised to exercise caution as the market sentiment remains bearish, with a suggested short trade setup targeting $62,000 and $60,000, while maintaining a stop at $64,000.