Bitcoin’s (BTC) recent price action is leaving traders with fewer reasons to dismiss the possibility of another leg lower. After consolidating within the $60,000-$65,000 for the last two months, BTC has weakened around a long-term technical pivot, while liquidity beneath the price is becoming increasingly important to the short-term structure.
The key question is no longer simply whether Bitcoin can bounce, but where forced selling and resting orders could attract price if sellers retain control. With traders increasingly focused on the $60,000 area, the market is approaching a level where technical structure, derivatives positioning and institutional flows could begin reinforcing one another.
Bitcoin’s Technical Structure Keeps $60,000 in Focus
Bitcoin has broken below a bear pennant, marking the third bearish pennant-style breakdown highlighted by traders this year.
BTC/USD’s break below the first bear flag in January resulted in a 33% drop to $59,930 from $98,000 within three weeks. The second bear flag breakdown happened in early June when Bitcoin slid below the lower boundary of the flag at $72,000, resulting in a 32.5% drop to $59,000.
In the current setup, BTC dropped below the support line of a bear pennant at $64,000 last week, suggesting that the bears were back in control.
The measured target of the pennant is $49,900, about 22% below the current price.
BTC/USD weekly chart. Source: TradingView
The BTC/USD pair has been making a sequence of weaker rebounds rather than establishing a clear higher-high sequence, leaving rallies vulnerable to renewed selling. The most important near-term test is therefore whether buyers can reclaim broken support and hold it on a closing basis. If they cannot, the market may continue to treat previous support as resistance.
Note that $64,000 coincides with the 200-week simple moving average (SMA), a long-term trend measure closely followed by Bitcoin traders.
