Crypto: Bitcoin Futures Data Shows Bears Gearing Up For An Assault On $60k

Bitcoin’s rejection at $70,000 and the large liquidity void below leave $60,000 vulnerable, a move analysts see as likely in the coming days.

Bitcoin (BTC) price fell to $65,800 on Wednesday, slipping back below key intraday trend lines and raising concerns that last week’s drop to $60,000 may not have been the final bottom. Now, analysts say the possibility of another drop to the yearly low ($59,800) is increasing due to a growing liquidity gap between $66,000 and $60,000.

Bitcoin has formed a series of lower highs after repeated rejections near the $70,000–$72,000 resistance zone.

The relative strength index (RSI) is trending toward oversold levels as the price trades below key moving averages.

The liquidation heatmap indicated an absence of liquidity up to $60,500, keeping the risk of a downside price move open.

Bitcoin’s one-hour chart shows multiple failed attempts to hold above $70,000. Each rejection has led to lower price highs and steady selling pressure.

BTC’s price briefly pushed into intraday highs of $69,800 before reversing sharply during the New York session on Wednesday, forming a classic swing failure pattern. The move trapped breakout longs and accelerated downside momentum.

BTC also traded below both the 50-period and 100-period exponential moving averages, confirming short-term bearish control. The RSI remained below 50, indicating limited buying pressure.

A 15-minute order block sits near the $60,800–$61,000 region, an area where strong buying pressure previously stepped in after BTC printed a yearly bottom at $59,800. This region remains a liquidity target if $64,000 fails to hold.

Related: When will Bitcoin start a new bull cycle toward $150K? Look for these signs

Source: CoinTelegraph