Bitcoin (BTC) is experiencing selling pressure following a loss of important technical support. Veteran analyst Peter Brandt cautioned that current market structures suggest a possible further decline. He is particularly monitoring the $58,000 to $62,000 range as a crucial level after a recent price breakdown.

Brandt’s Price Target: $58K–$62K

Brandt stated, “58k to $62k is where I think it is going,” maintaining his bearish stance on Bitcoin. He provided a chart indicating a broadening top pattern, also referred to as a megaphone setup. This pattern formed as price swings widened before ultimately breaking through a lower support line.

Following that breakdown, Bitcoin managed to recover towards $102,200, but failed to regain the critical support and instead reversed direction, which aligns with a bearish market observation.

“58k to $62k is where I think it is going” Twitter link

Brandt’s identified downside zone is close to $58,840, aligning neatly with the $58,000 to $62,000 range he discussed.

Bitcoin reached a high near $126,000 in early October 2025 but subsequently declined. This drop confirmed a completed topping structure and sent BTC prices down to lower levels seen in November. The asset showed some recovery but has not overcome significant resistance levels yet.

Currently, two resistance levels at $98,950 and $102,200 are under scrutiny, as Bitcoin has struggled to maintain above either. As long as it trades below these points, the path for buyers becomes significantly restricted.

The ADX (14) indicator near 33 indicates a strong market trend, which, combined with Bitcoin trading below key moving averages, suggests that sellers continue to hold sway over the market.

On-Chain Signals and Concern

Short-term traders are keenly watching CME price gaps forming around $93,000. Analyst CW mentioned, “a new CME gap has formed around $93,000,” implying that Bitcoin might first fill a CME gap around $88.2K and subsequently the one at $93K, indicating a possible dip-and-rebound scenario.

On-chain insights reveal that Bitcoin holders are realizing losses, marking the first negative shift in the 30-day Realized Net Profit/Loss since October 2023, as per Julio Moreno of CryptoQuant.

“Bitcoin holders realizing losses, for a 30-day period since, late December for the first time since October 2023.” Twitter link

Another CryptoQuant analyst, MorenoDV_, pointed out a shift in sentiment based on the Fear & Greed Index trend, noting that the 30-day average has crossed above the 90-day average for the first time since May 2025.

Although this indicates a potential improvement in short-term sentiment, it is essential to confirm this trend with higher confirmations to avoid misinterpretation in a volatile market.