Bitcoin has now entered a delicate phase after a steep decline. The latest price drop has positioned it within a critical demand zone at $60K, amid a generally weak market sentiment. This situation is crucial as it sets the stage for potential market recovery or further losses based on upcoming trading sessions.

Bitcoin Price Analysis: Daily Overview

On the daily chart, Bitcoin maintains a bearish outlook, characterized by a series of lower highs and a breach of previous significant lows around $75K. This breakdown has raised concerns among traders, leading to forced liquidations. However, upon reaching the $60K–$62K demand zone, the sell-off pressure has noticeably lessened. Historically, this area has seen significant buy interest, and the recent recovery towards the $69K–$70K range, albeit lacking momentum, highlights its importance.

The current daily indicators reflect a neutral stance, indicating that while sellers are not aggressively pushing prices down, buyers also face challenges in overcoming the previous support that has turned into resistance at $75K–$77K. Until Bitcoin can consistently close above this range, a cautious approach is warranted, favoring a period of consolidation over a clear breakout.

Daily Chart

BTC/USDT 4-Hour Perspective

Analyzing the 4-hour chart reveals that Bitcoin has rebounded from the $60K threshold, fluctuating around $69K–$70K. The price movements indicate a shift from impulsive action to overlapping ranges, suggesting selling pressure is waning. The primary resistance remains around $73K while buyers continue to support prices between $60K and $62K, establishing a narrow trading range until a decisive breakout occurs.

4-Hour Chart

Market Sentiment

Currently, Bitcoin is trading at a realized price level for long-term holders, indicating a critical psychological point. This support around $60K may either bolster confidence among holders or result in selling if market conditions deteriorate. Conversely, the next significant resistance level exists around $85K-$90K for a different cohort of holders, who may liquidate positions if prices recover too quickly. Overall, Bitcoin is positioned at a crucial juncture where market consolidation is likely unless it breaks out in either direction.