Bitcoin drop to $58K brings out bears: Is BTC’s next stop below $50K?
Summary
Bitcoin fell below $60,000 as weakness in megacap tech stocks hurt risk appetite and added pressure to an already fragile crypto market. The drop erased June gains and completed bearish reversal patterns on both the 4-hour and daily charts: a rounded-top breakdown and a bear-flag failure. Both setups point to downside toward roughly $54,000, about 9% below current levels. On-chain MVRV pricing bands reinforce that target, with Bitcoin’s 1.0 MVRV level near $53,390 acting as nearby support. If selling deepens, the next major on-chain support sits near $42,700 at the 0.8 MVRV band, a zone associated with historical bear-market bottoms.
