Bitcoin Price Struggles at Critical Support Level Amid Bearish Outlook

Bitcoin's price continues to stay cautious due to its inability to recover above a critical support level, keeping the negative bias intact. As per Crypto Patel, the price is following a bearish pattern and has refused to retest its broken rising price channel, indicating that sellers dominate the short-term movement of the coin.

The $60,000 support level is crucial for Bitcoin, and if selling continues, the price may fall to $55,000. Several technical indicators also support a cautious outlook, with the RSI-14 below 50 and the MACD line indicating slowing momentum on the buy side.

Bitcoin's failure to defend its key levels has led to a decline in price, extending its recent weakness after failing to regain resistance levels. The market is closely watching whether Bitcoin will manage to hold its major support and stay away from further declines.