Bitcoin Testing A Critical Support After Sharp Market-Wide Selloff
Summary
Bitcoin has dropped below its previous monthly low, weakening the short-term technical outlook and making a retest of the prior monthly high near $82,800 less likely. The selloff left liquidity behind, so price action may remain choppy, with brief relief rallies and the risk of further downside sweeps. The main focus is the $60,000 support zone, now a key test for bulls. Oversold RSI readings on the daily and 4-hour charts suggest bearish momentum may be easing, and long lower wicks would signal buying interest. If Bitcoin rebounds, initial resistance is near $67,500, then $74,000–$75,000. Sustained strength above about $74,569 is needed to reduce downside risk. A break below $60,000 could open a move toward $55,000–$50,000.
