Bitcoin Price Prediction: BTC Trend Weakens as $60K Emerges as the Last Defense
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Bitcoin is witnessing strong bearish pressure with lower highs and broken key support around $66,000, indicating a macro downtrend. Deleveraging is reducing open interest, signaling cautious sentiment among traders and persistent sell-side pressure.
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- Bitcoin faces strong bearish pressure after forming lower highs and breaking key support.
- Deleveraging drives reduced open interest, signaling cautious trader sentiment and risk cuts.
- Persistent spot outflows highlight ongoing sell-side pressure and defensive market behavior.
Bitcoin’s daily chart reflects a broad shift in market structure as price action moves deeper into a clear macro downtrend. After reaching highs near the $120,000 region, the asset failed to maintain upward momentum and began forming lower highs and lower lows. Consequently, sellers gained control as price slipped below several Fibonacci-based support zones.
Current trading near the $66,000 area places Bitcoin at a pivotal level where market participants closely watch for either stabilization or further decline. Besides price movement, derivatives and spot market data now reinforce a cautio…
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