Bitcoin price breaks below $60K support as $59K-$60K becomes the last major battleground
Bitcoin price has fallen back toward the June low near $59,000 after losing the critical 78.6% Fibonacci retracement level at about $64,270. BTC is now testing support around the $59,193–$60,000 area (including the 100% Fibonacci level near $59,193). Traders are watching this zone closely because a break below it could expose downside risk and weaken the post-April recovery.
The daily chart remains bearish. Bitcoin is trading below the 50-day moving average near $71,100 and the 100-day moving average around $72,000, with a bearish 50/100-day moving-average crossover. Structure also stays negative, as rallies have produced lower highs under a descending trendline.
Momentum indicators reinforce the sell-side control. The Aroon indicator shows Aroon Down at 100% and Aroon Up around 36%, typically consistent with persistent downside pressure.
Analysts referenced the 78.6% Fib as the last major defense before the $60,000 region. Daan Crypto Trades suggested that holding $59,000–$60,000 could enable a rebound toward $64,000, while failure would likely force traders to seek support below the June floor. Fibonacci projections also highlight a deeper downside target near the 1.618 extension around $44,500 if the June low breaks decisively.
Bearish
The article is fundamentally a bearish technical setup for Bitcoin. BTC has already lost the 78.6% Fibonacci retracement (~$64,270), and it is now sitting directly on the $59,000–$60,000 “last major support” zone that previously triggered rebounds earlier in June. With BTC below the 50-day (~$71,100) and 100-day (~$72,000) moving averages, and with the 50-day remaining below the 100-day (bearish crossover), rallies are structurally capped by the descending trendline and tend to produce lower highs—conditions that historically precede either a shallow mean-reversion bounce or a continuation selloff.
Key trade implication: in the short term, traders may treat $59K–$60K as a trigger area. A clean breakdown would likely accelerate stop-losses and liquidations, pushing price toward the next Fibonacci downside reference (1.618 extension near ~$44.5K). If support holds, a tactical rebound is possible toward the former 78.6% level around $64K, but the article emphasizes that broader reversal likely requires reclaiming ~$68K and breaking the descending trendline.
This resembles prior market phases where BTC loses a high-impact Fib level and then retests a “last defense” support band. In those scenarios, the outcome often depends on whether buyers can quickly defend intraday dips; otherwise, bearish momentum tends to extend.