Bitcoin BTC Dips Below $60,000, February Lows Tested Again
Bitcoin (BTC) has fallen back below $60,000, retesting the February lows as selling pressure dominates both spot and derivatives markets. The move follows a loss of support around $63,000 and a subsequent sweep under $60,000.
On the technical side, analyst SuperBitcoinBro notes BTC closed the weekly session just under the 200-week simple moving average. However, price remains above a long-term ascending trendline tied to 2022–2023 cycle lows, which is now acting as a key support zone.
A key short-term trigger is also highlighted: Relative Strength Index (RSI) shows lower price lows while RSI forms higher lows, suggesting bullish divergence and weakening downside momentum. Still, sellers control the near-term structure.
Derivatives data reinforces the bearish tone. Total open interest declined during the sell-off, implying traders reduced exposure as prices dropped. Perpetual futures cumulative volume delta (CVD) turned negative, signalling aggressive selling. Spot CVD stayed deeply negative, and liquidation readings indicate rebound attempts were again met with forced exits.
A near-term level to watch is $62,000. If BTC reclaims $62,000, traders with fresh short positions could face a squeeze, potentially pushing price toward the next resistance near $68,200. For now, whether BTC can hold the longer-term trendline and reclaim $62,000 is expected to determine the next major move.
Key implication for traders: BTC volatility is likely to remain elevated, with downside risk supported by flows—while bullish divergence raises the probability of a reactive rebound if $62,000 is defended.
Bearish
The article’s flow indicators skew bearish: BTC is trading below a short-term psychological/support zone ($60,000) after losing ~$63,000, while derivatives show declining open interest and negative perps CVD, and spot CVD remains deeply negative—signals that selling is active and rebound attempts are being liquidated. Even though RSI bullish divergence hints at weakening downside momentum, it is not yet confirmed by a reclaim of the $62,000 support area.
Historically, the piece compares the current structure to the post-FTX 2022 bottom, where BTC revisited a prior breakout/support level before attempting a broader recovery. That precedent matters: it suggests this could be a “reaction” zone where a rebound becomes possible. However, until BTC holds the long-term trendline and reclaims ~$62,000, the higher-probability path remains risk-off in the short term.
Short-term: elevated liquidation risk and downside volatility likely persist below $62,000.
Long-term: the presence of a longer-term support/trendline reduces the chance of a disorderly collapse, but traders should still wait for confirmation (trendline hold + $62,000 recovery) before turning more bullish.