Bitcoin suffered a sharp decline, with its price dipping close to the $60,000 mark and triggering over $600 million in long liquidations within 24 hours. The wave of forced closures intensified selling pressure and deepened the downturn, leaving the market gripped by a sense of alarm.
Despite the bearish backdrop, a number of traders anticipate a short-term technical bounce, targeting the $70,000 level as a relief rally. However, the volumes behind these moves are thin, and they have yet to alter the broader pessimistic tone.
From a technical standpoint, Bitcoin's moving averages maintain a death cross, and oscillators are bearish. Therefore, any bounce will face stiff resistance without a surge in volume. The $60,000 level is the key battleground; a break below could invite another leg lower.