Bitcoin faces sustained selling pressure after breaking below a key ascending price channel that had guided its action since February. The asset is now testing a critical $60,000 support zone, with on-chain data indicating long-term holders are realizing losses, signaling a shift in market dynamics.
Bitcoin remains under heavy selling pressure following its decisive break below a significant rising channel that contained price action for nearly four months. The breakdown occurred after BTC failed to reclaim a confluence of the 200-day moving average and the $80,000 zone.
The asset is currently trading around $63,000 and hovering just above a major support area at $60,000. This key demand zone previously acted as a launchpad for the February recovery following a sharp capitulation move.
On the 4-hour timeframe, the price has broken below a short-term rising channel, confirming a bearish continuation pattern. The failed breakout attempt at $67,000 highlights a lack of bullish conviction in the market.
Concurrently, the Long-Term Holder SOPR metric has trended sharply lower and is now below the critical 1.0 threshold. This metric measures whether long-term holders are spending coins at a profit or a loss.
The persistent decline in the 30-day EMA of the Long-Term Holder SOPR reflects a substantial reduction in profit-taking activity among experienced market participants. The metric has recently reached what analysts describe as capitulation territory, confirming the weakening market environment visible on the price charts.
For now, the combination of bearish market structure, resistance rejection, and weakening long-term holder profitability suggests Bitcoin remains vulnerable. Analysts note that reclaiming the $72,000 resistance zone would be required to invalidate the current bearish outlook.
