Bitcoin’s price declined to $65,800, raising concerns that last week’s low near $60,000 may not be the market bottom. Analysts cite a growing liquidity gap between $66,000 and $60,000, increasing the risk of a retest of the yearly low around $59,800. The failure to hold above key moving averages and repeated rejections near the $70,000–$72,000 resistance zone have weakened short-term prospects.
Bitcoin’s price fell to $65,800, slipping below key intraday trend lines. This move increases concerns that last week’s drop toward $60,000 may not have been the final bottom.
The asset has formed a series of lower highs after repeated rejections near the $70,000–$72,000 resistance zone. Its relative strength index is trending toward oversold levels as the price trades below key moving averages.
A one-hour chart showed a sharp reversal from intraday highs of $69,800, forming a classic swing failure pattern. This trapped breakout longs and accelerated downside momentum.
Liquidity heatmaps reveal a significant “liquidity void” between $66,000 and $60,500. This absence may act as a magnet for price, which tends to move quickly through such areas to tap concentrated stop clusters below.
A final stack of leveraged longs worth over $350 million remains positioned near $60,500. Bitcoin trader Husky said Bitcoin is slipping below the anchored VWAP drawn from last week’s lows at $59,800.
Market analyst EliZ noted that BTC is consolidating near $66,500 inside a descending channel. A break below may send the price toward the $63,400–$64,600 support zone, increasing odds of a revisit to $60,000.
