Bitcoin Eyes A Fresh $60K Drop Before Any Run To Six Figures

Bitcoin (BTC) remains trapped inside a descending channel that has guided its price for eight months, and the structure now points toward a possible bottom near $51,291.

Key Points:

• Bitcoin has traded inside a descending channel since topping near $126,000 about eight months ago.
• A May rejection at $83,156 cut price by more than 12%, leaving it near $73,670 in June.
• Kalshi traders give Bitcoin a 60% chance of hitting $60,000 before reclaiming $100,000.

Bitcoin Channel Keeps Its Grip

A technical read of the daily candlestick chart tracks a descending channel that has framed Bitcoin since it peaked near $126,000 about eight months ago.

Lower highs and lower lows have stacked up the entire time. Every stronger rally has stalled at the upper edge, while every deep sell-off has found buyers near the floor.

The first major rejection landed near $97,855, the second near $83,156, and both kept the bearish frame intact. The lower boundary has done its own work, drawing a bounce near $82,167 before price slid to roughly $60,000 in early Feb. 2026. Each touch of that diagonal has produced a sharp drop rather than a clean breakout.

That May rejection at $83,156 set the current tone. Bitcoin has fallen more than 12% since, started Jun. near $73,670, and now sits in the lower half of the channel where bears expect the final low. A close back above $78,000 would ease the pressure and challenge the channel's upper rail.