Bitcoin is under pressure again. After a failed attempt to hold above $70,000, the market quickly reversed downward, and derivatives data heightened concerns about a retest of the $60,000 zone.
The BTC price dropped to $65,700–66,000, breaking intraday trend lines. The latest wave of growth was short-lived. Buyers failed to maintain momentum.
Series of Lower Highs
A classic bearish structure is forming on the hourly chart. Every attempt to rise to the $70,000–72,000 range ends in a pullback. Highs are falling, and selling pressure is increasing.
The last impulse to $69,800 ended with a sharp reversal during the U.S. session. The scenario resembles a false breakout followed by a liquidity grab. Some longs were trapped.
Technical indicators confirm the weakness. The price is trading below the 50- and 100-period moving averages, and the relative strength index is moving toward the oversold zone. There is no strong demand yet.
Liquidity Shifts Downward
The futures picture looks alarming. Liquidation heat maps show a sparse zone between $66,000 and $60,500. Such an ’empty corridor’ often attracts the price, as stops and margin positions are concentrated below.
According to derivatives data, about $350 million in longs remain clustered around $60,500. This makes the area a potential target if the sell-off accelerates. If the $64,000 level does not hold, pressure may increase.
Analysts also note the volume-weighted average price from the recent $59,800 lows. BTC is already trading below this mark, indicating a short-term balance shift in favor of sellers.
Range Narrows
The market structure is gradually weakening. As long as the price remains below $68,000, the risk of a deeper correction persists. A break of the descending channel near $66,500 could open the way to the support zone at $63,400–64,600.
If this area does not hold, the market will once again look to $60,000 and the yearly low around $59,800. Important liquidity is concentrated there.
At the same time, a reversal scenario cannot be ruled out. A quick return above $70,000 would change the short-term structure and restore optimism. But for this, buyers need a steady inflow of capital.
What Is Happening in the Derivatives Market
Open interest in futures remains high, but its structure is changing. Some positions are being moved lower in price, indicating preparation for increased volatility.
Funding on some platforms is shifting into negative territory. This means an increase in short positions and participant caution. Bears are gradually increasing pressure.
Meanwhile, spot market volumes remain moderate. The lack of capitulation creates a risk of prolonged movement within the wide $60,000–72,000 range.
What’s Next?
Bitcoin has entered a zone of uncertainty. The failure to hold above $70,000 has increased pressure, and the liquidity gap below current levels makes a test of $60,000 quite likely.
Until the structure is restored, the market remains vulnerable. In the coming days, the $64,000–60,000 zone will be key in determining the next direction.
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