Bitcoin traders expect new lows but data cautions against overly bearish bias
Bitcoin is again near its yearly low around $59,000 after a failed rebound. Price was rejected below the 50-day and 100-day EMAs and broke down from an ascending channel, leaving support near $60,700 and the yearly low as the next key levels. Liquidation data shows about $4 billion in leveraged longs clustered near $59,000, raising the odds of a downside liquidity sweep that could flush out late buyers before a possible rebound toward $68,000, where another large liquidation pocket sits. RSI is nearing oversold conditions, which could set up a relief bounce if selling exhausts. At the same time, exchange inflows from mid-sized holders on Binance and Coinbase fell to their lowest since April 4. Lower inflows usually mean less immediate selling pressure, though they do not indicate fresh demand. Overall, sell pressure is easing, but BTC still faces major downside liquidity below current prices.
