Bitcoin Price Analysis: Is BTC Headed Below $60K After $65.5K Rejection?
🔒 Bitcoin is currently stabilizing around $63K, maintaining support at $60K, but struggles to reclaim key resistance levels, indicating a cautious short-term outlook.
📉 The price remains below the 100-day and 200-day moving averages, reinforcing a bearish trend, with critical resistance at $66K and potential downside targets around $55K if support fails.
📊 On-chain analysis shows long-term holders are capitulating, with the Spent Output Profit Ratio below 1, suggesting increased selling pressure and a deeper redistribution phase unless the indicator recovers quickly.
🔒 Bitcoin is currently stabilizing around $63K, maintaining support at $60K, but struggles to reclaim key resistance levels, indicating a cautious short-term outlook.
📉 The price remains below the 100-day and 200-day moving averages, reinforcing a bearish trend, with critical resistance at $66K and potential downside targets around $55K if support fails.
📊 On-chain analysis shows long-term holders are capitulating, with the Spent Output Profit Ratio below 1, suggesting increased selling pressure and a deeper redistribution phase unless the indicator recovers quickly.