Analyst: The possibility of Bitcoin dipping back to $60,000 is increasing

According to Cointelegraph, Bitcoin fell to $65,800 on Wednesday, dropping below a key intraday trend line, raising concerns in the market that last week's drop to $60,000 may not be the final bottom.

Analysts indicate that due to the widening liquidity gap in the $66,000 to $60,000 range, the likelihood of Bitcoin testing the annual low of $59,800 again is increasing. After facing multiple rejections near the resistance zone of $70,000--$72,000, Bitcoin has formed a series of lower highs. The Relative Strength Index (RSI) is trending toward the oversold area, with price trading below key moving averages.

The liquidation heatmap shows a lack of liquidity in the $60,500 range, indicating that downside risks remain. As the overall market structure begins to weaken, if Bitcoin cannot quickly rebound above $68,000, the downside risk will increase, and the price may further retreat toward the support level near $65,000.

Currently, traders expect Bitcoin to remain within a wide range of $60,000 to $72,000. Similarly, market analyst EliZ pointed out that Bitcoin is consolidating within a descending channel near $66,500. If it breaks below this level, the price may test the support zone of $63,400--$64,600, increasing the likelihood of a return to $60,000.