Bitcoin Stuck Below $70K, Traders Eye $60K Downside Target
Bitcoin's price remains stuck below $70,000 as traders predict potential downside targets if resistance holds. Analysts say that if Bitcoin fails to reclaim roughly $71K on a daily close, it may slide toward $60K or even $52,500.
The current trading range between the 200-week SMA (~$68,300) and 200-week EMA (~$58,400) is seen as a critical zone. Historically, major Bitcoin bottoms have formed inside this band, suggesting that BTC may be in a bottoming range rather than an uptrend.
Analyst Rekt Capital warns that the absence of meaningful upside risks could lead to BTC losing the 200-week EMA over time.
A strong cost-basis support cluster has been created by long-term investors accumulating over 372,000 BTC in the $63K, $65K range. This area is now viewed as the last major defense for bulls in the current cycle phase.