Is Bitcoin Price Finally Heading Below $60,000? Here’s What Technical Charts Show
Bitcoin's price breakdown from a head and shoulders pattern suggests a potential drop below $60,000, despite a short-term bounce signal.Summary
Bitcoin (BTC) price has recently dropped about 9% from $72,000, erasing monthly gains and trading near $66,900. Technical analysis on the 12-hour chart shows a bearish breakdown of a developing head and shoulders pattern, with a measured move targeting the $59,400 zone, potentially pushing BTC below the $60,000 psychological level.
However, a hidden bullish divergence on the Relative Strength Index (RSI) suggests a possible short-term bounce, with the $65,000 floor potentially holding temporarily. On-chain data from URPD indicates significant overhead supply resistance between $66,900 and $69,400, where over 6% of BTC supply last transacted. Furthermore, whale behavior shows the largest cohort reduced their holdings, suggesting weak conviction for a sustained rally.
The immediate deciding level is $66,600; holding above it could lead to a test of $68,700 or $70,000, but clearing all supply clusters is unlikely without stronger whale support. Losing $66,600 opens the door to further declines toward $63,300 and the bearish target below $60,000.
(Source：BeInCrypto)