Bitcoin Price Pain Isn’t Over Yet As Selling Pressure Persists

Bitcoin has declined below $65,000 with sustained selling pressure pushing the price toward $61,255 lows, triggering bearish technical signals. If BTC fails to hold above $64,000 resistance, further downside toward $60,000 support levels appears probable in the near term.

Bitcoin's recent price action reveals weakening momentum as selling pressure persists across multiple support levels. The cryptocurrency dropped below the critical $65,000 zone and tested lows near $61,255, indicating that bulls failed to establish a sustainable foundation at higher price levels. This breakdown is particularly significant because BTC remains below both the 100-hour simple moving average and the 23.6% Fibonacci retracement level, suggesting that the downtrend from the $74,070 swing high retains control.

The technical deterioration becomes evident through multiple indicators. The hourly MACD is gaining bearish momentum, while the Relative Strength Index has fallen below 50, signaling weakening buying pressure. A bearish trend line has formed with resistance clustered near $63,200, creating a challenging environment for near-term recovery attempts.

For market participants, this scenario presents two distinct pathways. If Bitcoin stabilizes above $61,200 and climbs past the $64,000 resistance barrier, bulls could potentially retest $65,500 and the 50% Fibonacci level near $67,650. However, failure to defend $64,000 opens the door for accelerated losses, with critical support levels sitting at $62,000, $61,200, and $60,800, with the final major support at $60,000.

Traders should monitor whether Bitcoin can establish conviction above $64,000 in the coming sessions. A sustained break below $62,000 would confirm the bearish narrative and likely accelerate downside movement toward the $60,000 psychological level, which could face significant difficulty in providing support given current momentum deterioration.

• →Bitcoin has declined below $65,000 with a low of $61,255, showing persistent bearish momentum across multiple timeframes.
• →The hourly MACD indicator is gaining strength in bearish territory while RSI sits below 50, confirming weakening buying pressure.
• →Critical resistance at $64,000 must hold for bulls to attempt recovery toward $65,500 and $67,650 levels.
• →If BTC fails to defend $64,000, support levels at $62,000, $61,200, and $60,000 become primary downside targets.
• →A bearish trend line with resistance near $63,200 indicates the path of least resistance remains downward in the near term.