Bitcoin Bears Eye $60K as Key Technical Levels Come into Play

Bitcoin's recent price action has traders questioning whether another leg lower is possible. After consolidating between $60,000 and $65,000 for two months, BTC weakened around a long-term technical pivot point.

The key question now is where forced selling and resting orders could attract price if sellers retain control. Traders are increasingly focused on the $60,000 area, where technical structure, derivatives positioning, and institutional flows may start to reinforce each other.

Bitcoin's technical setup is bearish, with a broken bear pennant marking the third such breakdown this year. The measured target of the pennant is $49,900, about 22% below the current price.

The weekly chart shows that BTC has been making weaker rebounds rather than establishing a clear higher-high sequence, leaving rallies vulnerable to renewed selling. If buyers cannot reclaim broken support and hold it on a closing basis, the market may continue to treat previous support as resistance.