Analyst: Bitcoin Revisiting $60,000 Support is Becoming More Likely

BlockBeats News, February 12th, according to Cointelegraph's report, Bitcoin fell to $65,800 on Wednesday, once again dropping below the key intraday trendline, sparking market concerns that last week's drop to $60,000 may not have been the final bottom. Analysts say that with the widening liquidity gap in the $66,000 to $60,000 range, the possibility of Bitcoin revisiting the annual low of $59,800 is increasing.

After being rejected multiple times near the $70,000–$72,000 resistance zone, Bitcoin has formed a series of lower highs. The relative strength index (RSI) is trending towards oversold territory, with price trading below key moving averages. The liquidation heat map indicates a lack of liquidity around the $60,500 range, signaling that downside risks remain.

As the overall market structure begins to weaken, if Bitcoin fails to swiftly recover above $68,000, downside risks will increase, with a potential further drop towards the $65,000 support level. Currently, traders expect Bitcoin to range between $60,000 and $72,000. Similarly, market analyst EliZ points out that Bitcoin is consolidating within a downward channel near $66,500. If this level is breached, the price could drop to the $63,400–$64,600 support zone, increasing the likelihood of revisiting $60,000.