Even with short-term moving averages pointing downward, Bitcoin appears to be entering a consolidation phase rather than falling further. While market sentiment is being dampened by concerns over asset outflows stemming from a security vulnerability in the Coldcard hardware wallet, the charts show a tight struggle between buyers attempting to maintain support and sellers applying pressure from above.

The critical level to watch right now is around $62,400. The fact that BTC is holding this level despite a downward short-term trend can be interpreted as an attempt to digest negative news and establish a short-term floor. If it confirms support at this level, the market is likely to seek stability through range-bound consolidation for the time being. Conversely, if psychological anxiety deepens and the daily close breaks below $62,400, the consolidation scenario will lose steam, and we must prepare for the possibility of further downside.

For now, it seems safer to observe whether volume increases and a rebound occurs near the $62,400 support level, or if it slides without momentum, rather than chasing aggressively or predicting a single direction. Whether this support holds will be the primary benchmark for determining the short-term market trend.