Bearish Signals Flash on Bitcoin and Ethereum: $60,000 and $1,686 Targets Loom

Bitcoin and Ethereum are flashing bearish signals as analysts warn of potential price drops. According to Michaël van de Poppe, Bitcoin's structure remains barely intact above its key moving averages, with $60,000 to $61,000 as the last meaningful support level if those levels break. If this doesn't hold, new lows are imminent.

TraderMorin confirmed the structural breakdown, noting that Bitcoin formed a lower low Tuesday followed by a lower high overnight. The next logical target is the swing lows accumulated around $61,300 to $61,800.

Raoul Pal offered a counter view, saying that Bitcoin's current weakness reflects liquidity conditions rather than any fundamental problem. He noted that Bitcoin is 87% correlated to global liquidity.