Bitcoin is facing renewed selling pressure after losing the key $70,000 level, a breakdown that has pushed the market into a more defensive phase. The inability to hold this psychological support has weighed on sentiment. With traders increasingly cautious as volatility rises and liquidity conditions remain uncertain. Price action near the mid-$60,000 range now represents a critical zone where market participants are assessing whether the current move is a deeper correction or simply another consolidation phase within the broader cycle.
Bitcoin’s daily chart reflects sustained downside pressure after the decisive loss of the $70,000 level. The price is now hovering in the mid-$60,000 range following a sharp decline. This move confirms a clear shift in short-term market structure, characterized by lower highs, accelerating selloffs, and repeated failures to reclaim former support zones.
Technically, Bitcoin is trading below key moving averages, which now act as overhead resistance rather than support. The inability to recover these levels suggests that sellers continue to dominate short-term price action. Recent spikes in trading volume during the drop reinforce the idea of forced deleveraging and defensive positioning rather than orderly rotation or accumulation. The $60,000–$62,000 region emerges as the next critical support area.
Aligning with prior consolidation zones and historical liquidity clusters. Holding this range would help stabilize sentiment and potentially enable consolidation. A break below it, however, could open the door to deeper retracement scenarios.
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