Bitcoin Drops Below $60,000 Amid Heavy Selling Pressure

Bitcoin (BTC) has remained under significant pressure throughout June, losing nearly 20% over the past month and extending its year-to-date decline to more than 30%. After a modest recovery between April and mid-May, renewed selling momentum pushed the world's largest cryptocurrency below the $60,000 mark on June 25, reflecting broader weakness across the digital asset market amid ongoing geopolitical uncertainty and cautious investor sentiment.

Following this sharp decline, Bitcoin has reached a technically important area that could determine its next major move. While short-term price direction remains uncertain, several well-established support and resistance levels may offer clues as to whether buyers are beginning to regain confidence or whether sellers remain in control.

Bitcoin (BTC) technical analysis

BTCUSD - 1 Day Time Frame

At the time of writing, Bitcoin is trading slightly above $60,000, holding just above a key support level near $59,750. This area marks a new low for 2026 but also served as an important support zone during October 2024, making it a level that traders are likely to watch closely.

On the upside, the first major challenge sits around $66,750. This level previously acted as support in early April 2026 before turning into resistance following the recent sell-off. A sustained move above this area could improve short-term sentiment and suggest that buying momentum is gradually returning.

Bitcoin (BTC) price target

If Bitcoin manages to reclaim the $66,750 resistance level and establish it as support, the next upside target could emerge around $74,500. A successful break above this level may then open the door to a move toward $83,000, which last acted as resistance in early May 2026. While this represents a more optimistic scenario, it would likely require broader market sentiment to improve alongside stronger buying activity.

On the downside, failure to hold the $59,750 support level could expose Bitcoin to additional weakness, with the next significant support located near $54,400, a level last seen in September 2024.

For now, Bitcoin remains caught between a newly established support zone and nearby resistance after an extended period of selling pressure. Its next meaningful move will likely depend not only on its own technical structure but also on overall cryptocurrency market sentiment, macroeconomic developments, and geopolitical events that continue to influence investor appetite for risk.

Crypto assets are unregulated, decentralised and highly volatile assets which entail substantial risks and you may lose all invested capital. Refer to the Disclaimers for detailed information on potential risks.