Bitcoin Price Risks Losing $60K Support—Targets $50K, $33K
Bitcoin price is testing the $60,000 support area after a weak week: BTC is down about 15% week-to-date (worst weekly performance since Nov 2022), trading near $62,500 after briefly slipping toward $61,000.
Traders are focused on BTC’s 200-week SMA around $61,800. Analyst Radz argues Bitcoin price may form only a brief wick below $60,000, with $55,000 as a “worst-case” downside if the 200-week SMA holds. This level has historically acted as major cycle support (retests in 2019, 2020, 2022, 2023), including a sharp rally after the February 2026 touch.
However, a maturing bear flag has turned more bearish. BTC reportedly broke below the flag’s lower trend line with rising volume, implying a measured target near the $50,000–$51,000 zone. Onchain signals from Glassnode (MVRV bands) also point to a support area between roughly $50,000 and $54,000, with realized price near ~$53,740 and another valuation support near ~$50,560.
If Bitcoin price breaks down further through this region, a weekly cup-and-handle setup projects downside toward ~$33,000. Key watch levels: $60,000 (psychological support), $61,800 (200-week SMA), $55,000 (bear-case), then $50,000–$54,000, and finally ~$33,000 for deeper correction risk.
Bearish
This is bearish because multiple independent signals converge on lower support levels if the $60K area fails. The article highlights BTC testing the 200-week SMA (~$61.8K) and frames $55K as only a “worst-case” downside assuming that long-term trend support holds. But the bear flag breakdown (with rising volume) strengthens the probability of continuation toward the $50K–$51K zone. Onchain MVRV bands from Glassnode broadly confirm this downside corridor ($50K–$54K), reducing the likelihood that a simple dip will reverse quickly.
If these supports fail, the cup-and-handle breakdown target around ~$33K indicates a path to a deeper correction rather than a shallow retracement. Historically, prior retests of the 200-week SMA in 2019–2023 were followed by strong recoveries, but this time the setup depends on whether BTC can reclaim the bear flag’s lower trend line. For traders, the short-term playbook is likely to shift from “support-defense” to “break-and-retest” around $60K/$61.8K; the longer-term direction hinges on whether BTC can hold the next onchain/technical band near $50K. A failure there would increase the odds of a multi-week bearish trend, while a clean defense would invalidate the deeper targets.