Bitcoin Futures Data Suggests Bears Targeting $60K Amid Price Drop

TLDR

• Bitcoin’s price fell to $65,800 on Wednesday, breaking below key intraday trend lines, raising concerns about further downside risk.
• Bitcoin futures data shows increasing bearish activity, with analysts suggesting the possibility of a drop to $60,000 due to liquidity gaps.
• The RSI remained below 50, indicating limited buying pressure and reinforcing short-term bearish sentiment in the Bitcoin market.
• Bitcoin’s recent struggle to maintain levels above $70,000 has led to lower price highs, further confirming the downward trend.
• Liquidity heatmaps reveal a “liquidity void” between $66,000 and $60,500, which could accelerate price movement towards lower support levels.

Bitcoin’s price dropped to $65,800 on Wednesday, falling back under key intraday trend lines. Analysts now suggest the possibility of another drop to the yearly low of $59,800 is increasing due to growing liquidity gaps. This shift in market sentiment has raised concerns among traders about a bearish market trend, with Bitcoin futures indicating further downside potential.

Bitcoin Faces Growing Bearish Pressure Below $66,000

Bitcoin’s price recently failed to maintain upward momentum after peaking at $69,800. The sharp reversal during the New York session on Wednesday formed a classic swing failure pattern, trapping breakout longs. As a result, downside momentum has increased, with Bitcoin briefly falling below the 50-period and 100-period exponential moving averages.

This indicates that short-term bearish control is gaining strength. The relative strength index (RSI) remained below 50, signaling limited buying pressure. With each rejection above $70,000, Bitcoin is seeing lower price highs and steady selling pressure. Bitcoin is currently at risk of testing lower support levels, with analysts pointing to the $60,000 region as a key threshold.

Bitcoin Futures Show Increased Bearish Activity

Bitcoin futures data reveal that market sentiment is shifting as bears start to take control. The recent drop below the anchored volume-weighted average price (VWAP) drawn from last week’s lows signals a change in sentiment. Bitcoin trader Husky noted that the $59,800 level is acting as a short-term fair value for Bitcoin, suggesting further downside could materialize.

Liquidity heatmaps for Bitcoin futures show a stacked order book above $72,000. However, the data also highlights a “liquidity void” between $66,000 and $60,500, a gap that could potentially drive price action lower. Bitcoin’s failure to regain momentum above $68,000 further increases the likelihood of price movements toward lower support areas near $65,000 or possibly $60,000.

Bitcoin traders are closely watching the $64,000 and $60,000 support zones as key levels that could determine the next major move. Analysts are forecasting a range between $60,000 and $72,000 for Bitcoin in the short term, with a possible test of the $60,000 mark if selling pressure persists.

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