Bitcoin futures data shows bears gearing up for an assault on $60K

💡 DMK Insight

Bitcoin’s rejection at $70,000 is a critical moment for traders to watch. The recent price action suggests a significant liquidity void below, making the $60,000 level increasingly vulnerable. If Bitcoin breaks below this threshold, it could trigger a wave of selling, as traders who bought near $70,000 may look to cut losses. This scenario aligns with broader market sentiment, where fear of missing out (FOMO) is giving way to fear of loss. Keep an eye on the daily chart for confirmation of this breakdown, as a close below $60,000 could lead to further downside, potentially targeting the $55,000 area. On the flip side, if Bitcoin manages to reclaim $70,000, it could signal a strong reversal, attracting buyers back into the market. But for now, the immediate risk seems to favor the bears. Watch for volume spikes around these key levels, as they could provide insight into market participants’ intentions.