How low can Bitcoin price go if $60K support fails?
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- Bitcoin was trading near $62,500 after a brief dip toward $61,000, with a $1,500 rebound defending the $60,000 psychological support level.
- Bitcoin could see a brief wick below $60,000 before finding stronger demand, with $55,000 identified as the worst‑case downside scenario based on the 200‑week simple moving average (200‑day SMA).
- Bitcoin’s bear‑flag breakdown, measured by subtracting the prior decline’s height from the breakdown point, projects a downside target near $50,000–$51,000, aligning with historic horizontal support.
- Bitcoin’s on‑chain MVRV pricing bands show a realized price around $53,740 and a key valuation support near $50,560, creating a $50,000–$54,000 support zone.
- Bitcoin’s weekly chart also displays a cup‑and‑handle pattern that is weakening near the handle’s lower end, close to the 200‑week SMA and $60,000 support.
Why it matters: Investors holding BTC above $60k risk steep losses if the bear‑flag triggers a slide to $50k, while short sellers stand to profit from the projected drop.
