Bitcoin Dives to 60K: The Market Meltdown You Didn’t See Coming (Again)

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The Bitcoin rollercoaster finally parked at $60,000, which is the financial equivalent of losing your umbrella on the way to a rainstorm. BTC is down more than 10%, and it looks about as eager to reclaim $70,000 as I am to tidy the apartment after a long visit from relatives.

  • Bitcoin is trying to recover, but every hurdle feels like a deadline from a newsletter you pretend to read-very far away and not especially friendly.
  • The price is trading below $70,000 and the 100 hourly simple moving average-a reminder that even the market has a preferred, slightly judgmental aunt at Thanksgiving.
  • There is a bearish trend line forming with resistance at $70,600 on the hourly BTC/USD chart (data feed from Kraken)-because apparently even charts like to have drama.
  • The pair might dip again if it trades below the $62,500 and $61,200 levels-which is to say, it might disappoint your expectations and your coffee.

Bitcoin Price Dips Sharply

Bitcoin couldn’t stay perched above the $72,000 zone, which is the market equivalent of a fragile ego. BTC slid below $70,000 and then $68,500, and the bears managed to push the price below $65,500-because who doesn’t enjoy a good psychological wallop?

A low was formed at $60,500, and the price is now attempting to recover-like a seedling that survived a late frost. There was a minor uptick above $62,000 and $63,200. The price cleared the 23.6% Fib retracement level of the recent downward move from the $76,865 swing high to the $60,500 low, which is about as much math as my brain can handle before coffee.

Bitcoin is now trading below $68,000 and the 100 hourly simple moving average. If the price remains stable above $62,000, it could attempt a fresh increase. Immediate resistance is near the $66,000 level, with the first key resistance near $67,200-because apparently the numbers like to form a chorus line.

A close above the $67,200 resistance might propel the price higher, potentially testing the $68,500 resistance or the 50% Fib retracement level of the recent move from the $76,865 swing high to the $60,500 low. In other words, if fate cooperates and gravity takes a vacation, up it goes.

Any more gains might push the price toward the $70,500 level. There’s also a bearish trend line forming with resistance at $70,600 on the hourly BTC/USD chart. The next barriers for the bulls could be $72,500 and $75,000-because apparently the market likes to test every door before leaving a tip.

Another Decline In BTC?

If Bitcoin fails to rise above the $68,500 resistance zone, it could start another decline. Immediate support sits near the $63,200 level, with the first major support near $62,500.

The next support is now near the $61,200 zone. Any more losses might push the price toward the $60,500 support in the near term. The main support now sits at $60,000, below which BTC might struggle to recover in the near term-like a stubborn laundry pile that refuses to fold itself.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone, which is the market’s way of whispering “time to panic, but gently.”

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level, proving that even the charts are feeling a little down on themselves.

Major Support Levels – $62,500, followed by $61,200.

Major Resistance Levels – $67,200 and $68,500.

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2026-02-06 06:07