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Bitcoin Price Analysis: Where Is BTC Heading Next After Drop Below $61K?

Bitcoin remains under heavy selling pressure after crashing below multiple key support levels in quick succession. The recent rejection from the descending 200-day moving average triggered a sharp sell-off that invalidated the previous rising channel structure and pushed BTC back toward a major demand zone around $60K. Meanwhile, on-chain data suggests market participants are increasingly realizing losses, reflecting deteriorating investor sentiment.

Bitcoin Price Analysis: The Daily Chart

On the daily timeframe, Bitcoin has confirmed a significant bearish breakdown after falling below both the ascending channel and the 100-day moving average near $74K. The channel had supported the recovery from February’s lows, but the recent violation indicates that buyers have lost control of the intermediate trend.

The rejection occurred near the confluence of the channel’s upper boundary and the descending 200-day moving average, located around the $82K region. Since then, BTC has experienced an aggressive decline, slicing through the $74K support area and the prominent low of $65K from late May with little resistance.

The price is now testing a major support block at $60K, which previously acted as a strong rebound area following the February capitulation. This zone represents the last major defense for bulls before the market opens the door toward significantly lower levels.

BTC/USDT 4-Hour Chart

The 4-hour chart highlights the severity of the recent breakdown. Following an extended consolidation near the $74K region, BTC failed to reclaim the level and subsequently broke below the daily ascending channel’s lower boundary that had supported price action for months.

As the breakdown accelerated, the $65K support area also gave way, which drove price directly into the $60K-$62K demand region. This area is currently preventing further downside and has already attracted some buying interest.

An important observation comes from the RSI, which has formed a mild bullish divergence in extremely oversold conditions while price has established fresh local lows. Although the signal remains early, it suggests bearish momentum may be weakening in the short term and could support a temporary rebound toward the $65K resistance zone.

However, from a structural perspective, the market continues to print lower highs and lower lows. As long as BTC remains below the broken support levels at $65K and $74K, any recovery is likely to be viewed as a corrective move rather than the beginning of a new uptrend.

On-Chain Analysis

The Adjusted Spent Output Profit Ratio (aSOPR), a metric that measures whether coins moved on-chain are being sold at a profit or loss, is providing an important signal regarding investor behavior.

The chart shows that the 30-day EMA of aSOPR has fallen below the critical 1.0 threshold. Historically, readings above 1 indicate that market participants are realizing profits on average, while values below 1 suggest coins are being spent at a loss.

The recent drop below 1 coincides with Bitcoin’s decline toward the $60K area and reflects growing capitulation among holders. This shift suggests that a larger portion of investors is now exiting positions at a loss, a behavior commonly associated with bearish market phases and periods of weak confidence.

While persistent readings below 1 often accompany downtrends, they can also signal the later stages of a corrective phase as weaker hands leave the market. Therefore, traders should closely monitor whether aSOPR can reclaim the 1.0 level. A recovery above that threshold would indicate renewed profitability across the network and could support broader market stabilization.

For now, both price action and on-chain data continue to favor the sellers, while the $60K support region remains the key battleground that will likely determine Bitcoin’s next major directional move.

게시물 Bitcoin Price Analysis: Where Is BTC Heading Next After Drop Below $61K? 에 처음 등장 크립토포테이토.


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