A recent technical view from TradingView suggests Bitcoin remains locked under stubborn resistance at the upper trendline that continues to stifle bullish momentum. Despite several recovery attemptsBTC has repeatedly failed to break the resistance zone, sparking speculation that the price could fall below $60,000.
Bitcoin trapped under a heavy ceiling
The TradingView chart shows how this upper trendline has consistently acted as a ceiling for price action. Reject Bitcoin every time buyers are trying to push higher. That resistance area also overlaps with the key Fibonacci retracement levels, making it an increasingly important barrier within the current market structure.
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Current price action appears to support this outlook. Bitcoin has had a tough time to maintain the upward momentum and has recently fallen after another rejection near the top of the rising formation. Attention now shifts to the support area from $73,000 to $75,000, which analysts say is key to maintaining the broader bullish structure.
The setup also shows that a narrowing wedge-like repair structure subsequently develops Bitcoin’s previous sell-off. However, instead of breaking through a decisive surge, BTC has again rolled close to resistance, indicating that the market still lacks the momentum needed to overpower the upper trendline.
This weakness is already showing up in broader market performance metrics. Bitcoin remains under pressure on higher time frames and has recorded losses on the weekly and 14-day charts. For the bullish momentum to regain strength, analysts say Bitcoin must eventually break above the upper trendline resistance with strong conviction. Until that happens, the current price action continues to reinforce the idea that the trendline ceiling remains firmly in control of the market.
Can Bitcoin Crash Below $60,000?
While the dominant outlook favors Bitcoin breaking the upper trendline to regain bullish momentum, analysts point out the possibility of a much deeper rinse if the key supports the collapse. The immediate downside focus is between $69,000 and $66,000, where another lies main supporting region intersects with the rising trendline structure of previous swing lows. A move into that range would likely represent an aggressive but technically acceptable retracement within the broader cycle.
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The most worrying scenario arises if Bitcoin completely loses the $66,000 threshold. According to the chart, this collapse would invalidate the current ascending support framework and potentially trigger a broader risk reaction in the crypto markets.
In that situation Volatility could increase quickly. Liquidity shortages below current price levels could expose Bitcoin to: sharp capitulation movement able to drive the price below $60,000 before stronger demand returns. There is also some hint at the possibility of a panic-induced fuse stretching towards the low $50,000 region if market conditions deteriorate aggressively.
For now, however, the market is still at an inflection point and not a confirmed collapse. The behavior of buyers around $73,000 to $75,000 will likely determine whether Bitcoin will resume its climb into six-figure territory or slide into the six-figure level. much deeper correction phase.
Featured image created with Dall.E, chart from Tradingview.com