Price Analysis View Non-AMP

Is $60,000 the Bottom for the Bitcoin Price Crash? The Technicals Do Not Say So!

Published by
Sahana Vibhute

Bloodbath hits Satoshi’s street as the BTC price marks fresh monthly lows below $61,000. The markets have turned bearish as the selling pressure mounts over the token, which has intensified with the rounds of Mt. Gox selling Bitcoin. Moreover, the miners have also liquidated nearly 30,000 BTC since the beginning of the month, due to which 3000 BTC longs were just liquidated on Bybit in less than a minute, causing bloodshed across the markets. 

Presently, the BTC price is assumed to have reached some crucial levels, which are considered to be a good time to accumulate. However, in reality, the token appears to be preparing for a huge move towards the south and may reach levels not seen since February 2024. However, the rally has formed bottoms below $61,000 and hence another bearish pullback may cause the token to plunge by another 15% to 20% soon. 

A popular analyst, Justin Bennett, believes that this could be a local bottom but not the low for the ongoing bearish rally

From a wider perspective, the BTC price has held the multi-year trend line as support since October 2023, which was broken recently. Since then, the price has started its trade within a descending channel and hence, now that the price has reached the lower support, a rebound is expected, which could revive a strong upswing towards the resistance close to $66,000. The analyst says a rise to $67,000 may also be possible but a major drawback may follow, slashing the levels below $55,00, probably close to $53,000 or $52,000 as well. 

The main reason behind the false breakout is the price trading within a falling wedge in the short term. As a result, a minor breakout seems imminent but the larger price chart displays a bull trap laid down as the price is primed to lose the $55,000 support. 

“One way to play a BTC local bottom is to wait for a reclaim of this falling wedge. 

A sustained break above $62,500 should do it,”

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

Recent Posts

Galaxy Digital Completes $9 Billion Bitcoin Sale for Satoshi-era Investor: What Next for BTC Price?

Galaxy Digital Inc. (NASDAQ: GLXY), a financial investment firm focused on the crypto market, has…

July 26, 2025

Darwin Breaks Through: The First Solana-Powered AI Platform Going Public – And It’s Not Playing Small

Something big is happening at the crossroads of AI, blockchain, and public markets, and this…

July 26, 2025

3 Best Cryptos Under $0.01 Ready to Explode in 2025 and Turn $100 Into $10,000

Historical crypto charts indicate that small coins, costing less than a penny, often experience explosive…

July 25, 2025

Ruvi AI’s (RUVI) Audited Token Could Rival Ripple (XRP) This Cycle, With New CoinMarketCap Listing It Won’t Stay in Phase 2 Long

The cryptocurrency world is buzzing with excitement as Ruvi AI (RUVI) gains momentum as a…

July 25, 2025

BitLemons ($BLEM) Poised for Growth as BTC Tests $118K Resistance and ETH Surges Past $3,700 – Is This the Breakout Moment Investors Have Been Waiting For?

The cryptocurrency market is experiencing a pivotal moment as institutional money floods into digital assets…

July 25, 2025

Bitcoin Price Prediction: Bullish And Bearish Scenarios Explained

Bitcoin is currently in a quiet phase. The price has been moving sideways without any…

July 25, 2025