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 sentiment and intensified pressure on an already fragile crypto market. The drop erased June gains and triggered multiple bearish signals. On the four-hour chart, BTC formed a rounded top and broke down, pointing to a measured downside target near $54,000, about 8.9% below current levels. The daily chart also showed a bear flag breakdown, reinforcing the same target. On-chain MVRV pricing bands add support to this view: Bitcoin was near $61,000 while the 1.0 MVRV band sat around $53,390, close to the technical downside target. If selling deepens further, BTC could move toward the 0.8 MVRV band near $42,700, a zone associated with major bear-market bottoms.
